CAIA Exam Math: Approved Calculators and Quant Challenge Level
- Dimitri Dangeros, CFA, CAIA
- 7 days ago
- 4 min read
Updated: 6 days ago
As the 2025 CAIA exam season approaches, one of the most common questions candidates ask is not about portfolio theory or hedge fund strategies — it’s:
“What calculator can I bring, and how difficult is the math section?”
These two questions go hand-in-hand. Having the right calculator — and knowing how to use it — can make the quantitative portion of the exam much less daunting. This article breaks down the official calculator policy for 2025 and gives a clear, realistic look at the quant challenge level in both Level I and Level II.
2025 Calculator Policy: Exactly What You Can Bring
The CAIA Association’s Candidate Handbook for 2025 is crystal clear: only two calculator models are approved for the exam:
Texas Instruments BA II Plus — including the BA II Plus Professional
Hewlett Packard 12C — including Platinum, Anniversary, and Prestige editions
No other calculators are allowed. That means:
No graphing calculators
No smartphones or smartwatches
No calculator covers that store formulas or notes
You must bring your own device — test centers will not supply one — and it will be inspected before the exam. It must remain visible on your desk for the entire duration of the test.
A smart strategy: bring a backup approved calculator in your locker. If your primary one fails, you can retrieve the spare during an unscheduled break, subject to inspection.
Why the Calculator Rule Matters
The calculator policy is not just a security measure — it’s a performance factor. Here’s why:
1. Familiarity Saves Time
In a timed exam, hesitation can cost valuable points. Knowing your calculator’s key functions by muscle memory is critical.
2. Built-In Functions Are a Lifeline
Both the BA II Plus and HP 12C have dedicated keys for NPV, IRR, bond pricing, depreciation, and statistical analysis. Using these efficiently can shave minutes off a problem.
3. No Formula Sheet Provided
Because the CAIA exam doesn’t give you formulas, your calculator proficiency must be paired with formula recall. You’ll need to know when to apply a function and what the correct inputs
are.
The Quant Challenge: How Much Math to Expect
While the CAIA exam is not a math-only test, it does require candidates to be comfortable with quantitative reasoning.
Official Guidance
The CAIA Association states that no more than 30% of the questions will be calculation-based.
These questions are spread throughout the exam rather than concentrated in a single section.
You must rely entirely on your own formula knowledge — there’s no reference sheet.
Candidate Experience CAIA Exam Math Approved Calculators
Recent candidates report that the real-world proportion of quant questions feels closer to 20% of the exam. This means that while math will not dominate the paper, every calculation question is worth just as much as a theory-based one — making them high-value targets for scoring. CAIA Exam Math Approved Calculators
Some candidates have even noted that they only needed their calculator for 4–5 questions in the entire exam. This suggests that the quant content, while important, is strategically placed rather than overwhelming.
How to Prepare for the Quant Portion
1. Pick Your Calculator Early
Choose between the TI BA II Plus and HP 12C as soon as you start studying. Switching mid-prep wastes time and slows your learning curve.
2. Practice Without Notes
Run timed calculation drills for formulas such as duration, IRR, standard deviation, and Value at Risk (VaR). The goal is to simulate exam-day conditions without any reference material.
3. Work Across Topics
Quantitative questions can appear in portfolio management, risk management, derivatives,
private equity, and real assets. Don’t silo your practice into one topic.
4. Time Your Quant Work
Mock exams are the best way to identify where you lose time. Keep track of how long it takes to complete each calculation and work to reduce it.
5. Over-Prepare for High-Value Formulas
Even if only 20–30% of the exam is math-based, missing those questions can be the difference between passing and failing. Make formula memorization and calculator speed a study priority.
Quant Topics Worth Special Attention
While the exact questions change each cycle, the CAIA curriculum consistently tests:
Risk and return measures — standard deviation, Sharpe ratio, Sortino ratio, beta, Jensen’s alpha
Time value of money — NPV, IRR, bond yields, duration, convexity
Derivatives pricing basics — forward/futures pricing, option parity, Black-Scholes inputs
Risk metrics — Value at Risk (VaR), Conditional VaR (CVaR)
Performance metrics — information ratio, portfolio variance
Private equity calculations — internal rate of return, multiple of invested capital
If you’re looking for an extra edge, create a one-page “formula sprint sheet” and rehearse it regularly — in your head and on your calculator.
The Exam-Day Calculator Checklist
To avoid unnecessary stress on test day:
Clear your calculator’s memory before entering the test center.
Check the battery a few days before the exam and replace it if needed.
Label your backup calculator and store it in your locker.
Test every key you expect to use — don’t discover a sticky button on exam day.
Arrive early to allow for inspection delays.
The Bottom Line
In the CAIA exam, math isn’t the majority — but it’s the highest-leverage portion if you’re prepared. A few minutes of calculator mastery can translate into points that push you above the passing score.
For 2025, the rules are simple:
Only two calculator models allowed
No formula sheet — memorize and practice
Quant content is 20–30% of the exam
Treat your calculator as more than a tool — make it an extension of your thinking process. That way, when a quant question appears, your reaction isn’t panic, but precision.
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