[Buying Guide] How To Choose A Financial Calculator?

Are you a Finance Management Professional?

Is your daily work profile connected to the complex calculations of interests, conversions of currencies and so on?

You need an effective tool to calculate these things consistently in almost no time.

The Financial Calculator can be the best solution for these various applications.

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What is Financial Calculator?

A Financial calculator is an electronic device with the ready to use functions for ease in calculating a wide range of financial parameters.

So, if you are a banker, financial advisor, broker or in any other profession connected to finance, this is the must have for you.

The financial calculator can calculate the payments instantly based on the input values and the applied parameters.

It also helps you to determine the interest rates. At the same time, you can use it for illustration of the value of a loan amount.

Factors to consider while buying a financial calculator online:

It is important to make a wise buying decision if you are about to purchase a financial calculator online.

Here are some important parameters that you should understand and consider while ordering your next financial calculator through a reputed online shopping portal.

  • The application of the device personally for you.
  • Your budget
  • If you are appearing for a Financial Certification Exam like CFP or CFA
  • Based on the requirement of scientific functions

Let us now discuss the considerations in detail. It would be essential to strike a balance between these aspects to choose the right financial calculator for you.

#1 The Application of the device

If your application of the device is basic, such as the introductory functions of the financial calculator, it is better to go for an affordable model such as HP 10BII or the Texas Instruments BAII.

These are available online at a reasonable price. Again, you can get almost all the things that are needed for the basic financial calculations.

If you are planning to appear for a certification exam in Financial Management, this range is better for you. However, these gadgets may not include some advanced calculative functions on them.

At the entry level, these functions may not be practically required, and most of the buyers may not notice these advanced functions missing on these options as well.

In case, if you are studying Financial Management in the curriculum of an MBA program, or an undergraduate student; it can be a better idea to switch to a higher end model for the missing functions.

However, it is important to note, that most of the financial professionals and students use the spreadsheets these days for their reporting and projects.

So, it is easily possible to put the desired formula and get the work done quickly.

You need to consider this as well. As you don’t actually need a financial calculator for every minute calculation involved in your studies and work.

#2. Your budget

It is always advisable that you choose a financial calculator model that is optimally priced compared to the features and quality it offers.

The online shopping portals today offer different models in different price ranges ranging from about $30 to $100.

If you require a small memory, and the basic scientific functions and some additional functions such as graphs, it is better to go for the budget-friendly models of the financial calculators.

For the students in the modern era, it would be essential to choose the model that can prove to be helpful in the finance classes and the math classes as well.

Most of the times, in the math topics, the students may require graphical functions as well.

So, there needs to be proper coordination between the price of the model and the functions it offers, while choosing the right financial calculator for you.

#3. Acceptance of financial calculators for the certification exams:

You might have enrolled in the certification programs from the reputed institutions to kick start a rewarding career in financial management.

The examination authorities have strict instructions regarding the ban on the use of the calculators that can practically save the text.

You can initially go through the policies of the examining authorities online before making your purchase decisions.

The most reputed and globally accepted certifications in Financial Management are:

  • CFA Institute
  • Investment & Wealth Institute – CPWA
  • CFP Board of Standards
  • FINRA Exams
  • The Society of Actuaries

If you are preparing for these certifications, it would be better to be informed regarding the financial calculators they allow in the testing environment. It is vital to buy a model that the examining authorities allow.

#4. Need for graphing and scientific functionality:

If you wish to have a financial calculator that offers advanced graphing, mathematical and scientific functions, it is better to choose TI 83 Plus or TI 84 Plus.

The models offered by HP don’t have these functions.

It is necessary to combine basic and advanced financial functions and some additional math and scientific functions as well to make the instrument truly versatile.

Therefore, if your use of these additional features is quite frequent, it would be better to choose the high-end models.

For the students and the working professionals in the Finance Management field, a financial calculator would be among the most essential gadgets for the routine calculations.

Also check:- How to use a financial calculator

Some practical recommendations:

For most of the people in this area, HP 10BII or TI BAII Plus can be quite sufficient for the routine operations and some advanced features. These models serve their purpose and are reasonably priced as well.

For the students taking the advanced studies in Financial Management, the models such as TI 83 Plus & TI 84 Plus would be great for their requirements.


These models are essential if they require a graphing calculator. If the graphing function is not required, they can also go for the basic models.

• For the professionals in the real estate, insurance, and subsequent industries, HP 12C or HP 17BII can be the ideal financial calculator models.


They can easily take care of the complex calculations based on the interest rates, premium illustrations, and several other functions.


They would be able to serve their clientele better with these financial calculators.

That's it based on the above recommendation choose best financial calculator as per your need. Good Luck.

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