Calculator Comparison for Actuarial Exams
Comparing approved calculators for actuarial exams and tips for maximizing calculator efficiency.
Approved Calculator Models
The SOA and CAS maintain a strict list of approved calculator models for use on actuarial exams. As of current policies, the two primary approved options are the Texas Instruments BA-II Plus (including the BA-II Plus Professional) and the TI-30XS MultiView. No other calculators are permitted, and using an unapproved calculator on exam day will result in confiscation and a significant disadvantage. Candidates should verify the current approved list on the SOA or CAS website before purchasing, as policies can occasionally change.
Both calculators are affordable, generally costing between $15 and $50 depending on the model and retailer. Given the low cost, many serious candidates purchase both models so they can use whichever is better suited to the specific exam they are taking. Buying your calculator well in advance of the exam and practicing with it extensively is far more important than which model you choose.
BA-II Plus: Features and Strengths
The BA-II Plus is the traditional workhorse calculator for actuarial exams, particularly those involving financial mathematics. Its primary advantage is a suite of built-in financial worksheets that automate common calculations. The Time Value of Money (TVM) worksheet allows you to input N, I/Y, PV, PMT, and FV values and solve for any unknown, saving substantial time on present and future value problems. The amortization worksheet computes payment breakdowns between principal and interest for any range of payments. The cash flow worksheet handles irregular cash flows and computes net present value (NPV) and internal rate of return (IRR) directly.
The BA-II Plus Professional adds several useful features over the standard version, including a larger display, more memory, and the ability to toggle between chain and algebraic order of operations (AOS) calculation modes. The Professional version also offers a more responsive keypad and a slightly more intuitive menu system. For candidates who plan to use the BA-II Plus across multiple exams, the Professional version is worth the modest price premium.
TI-30XS MultiView: Features and Strengths
The TI-30XS MultiView is a scientific calculator with a four-line display that shows multiple calculations simultaneously. This multi-line feature is particularly useful for reviewing previous entries and catching input errors, which can be a significant advantage under exam pressure. The calculator handles fractions, exponents, roots, logarithms, and trigonometric functions cleanly, and its display format makes complex expressions easier to read and verify.
The TI-30XS excels at statistical calculations. It has a built-in data editor for entering data sets and computing means, standard deviations, and regression parameters. For probability-heavy exams like Exam P, these statistical functions can save time on problems requiring data analysis. The calculator also handles combinations and permutations efficiently, which are common operations on probability exams. Its main limitation compared to the BA-II Plus is the absence of dedicated financial function keys, meaning that time value of money calculations must be performed manually using formulas rather than built-in worksheets.
Which Calculator for Each Exam
For Exam FM (Financial Mathematics), the BA-II Plus is strongly recommended and nearly essential. The TVM, amortization, and cash flow worksheets directly address the types of problems that dominate this exam. Candidates using the TI-30XS on Exam FM must manually compute every financial calculation using formulas, which is slower and more error-prone. The time savings from the BA-II Plus on an Exam FM sitting can easily amount to 15 to 20 minutes across the full exam, which is a substantial advantage.
For Exam P (Probability), either calculator works well. The TI-30XS has a slight edge for candidates who value the multi-line display and built-in statistical functions, while the BA-II Plus is perfectly adequate for the arithmetic and basic statistical calculations that Exam P requires. The choice here comes down to personal preference and familiarity.
For upper-level exams, the choice depends on the exam content. Exams with financial components (such as those covering interest theory, annuities, or financial economics) favor the BA-II Plus. Exams focused on statistics, modeling, or pure mathematics work well with either model. If you are permitted to bring both calculators to the testing center, doing so gives you flexibility to switch based on the question at hand.
Essential Shortcuts and Tips
Mastering your calculator's shortcuts and secondary functions can save significant time on exam day. For the BA-II Plus, essential techniques include setting the decimal place display (2nd FORMAT), clearing the TVM worksheet before each new problem (2nd CLR TVM), toggling between beginning and end of period payment mode (2nd BGN), and using the memory store and recall functions (STO and RCL) to save intermediate results. Learn to use the cash flow worksheet for uneven cash flow problems and practice entering data quickly and accurately.
For the TI-30XS, key techniques include using the data editor for statistical problems, navigating the multi-line display to review and edit previous calculations, using the fraction and decimal toggle, and mastering the combinations (nCr) and permutations (nPr) functions. Practice entering complex nested expressions and verify that your calculator's order of operations produces the expected results for the types of calculations you will encounter.
Both calculators have memory functions that allow you to store values for later recall. Using these effectively during multi-step problems eliminates the need to write down intermediate results and re-enter them, reducing both time and transcription errors.
Practice Strategies for Calculator Mastery
Calculator proficiency is a skill that requires deliberate practice, not just familiarity from occasional use during study. Dedicate specific practice sessions to calculator technique separate from content review. Take a set of problems and focus exclusively on executing the calculations as quickly and accurately as possible, without worrying about the underlying concepts.
Time yourself on individual calculations to establish benchmarks. For example, you should be able to complete a standard TVM problem on the BA-II Plus in under 30 seconds, including clearing the worksheet, entering values, and computing the answer. If common operations take longer than that, practice the specific keystroke sequence until it becomes automatic. During practice exams, note any moments where you hesitate or make calculator errors, and drill those specific operations afterward.
Buy a backup calculator identical to your primary one. Calculators can malfunction or run out of battery on exam day, and having a spare eliminates that risk entirely. Make sure the backup is configured identically to your primary calculator, including decimal places, calculation mode, and any other settings you have customized. Bring both calculators to every exam sitting, with fresh batteries in each.