Bankers - how often do you use a financial calculator?

You really shouldn't need anything more than this

http://www.radioshack.com/product/index.jsp?productId=2123388

Financial calculators won't cost you hundreds.

Thanks for the note; I guess I should've looked into the product before posting. I was under the assumption that the price point would similar to my TI-89.

Do you have a TI-83 from college/high school? It has all the financial calculator functions you'd need...

just buy a TI for like $25...

graphic calcs are for nerds and engineers

go with the BA-II plus or hp 12c

Thinking too much! Are you saying that if you already had something that did everything you needed it too, you'd still out and buy another one?

Yeah you don't want a graphic calc, it'll take much longer to compute simple shit. You only need to drop like $30-40 on amazon for the first one bateman mentioned

The only time you really need a financial calculator (and a real financial calculator, not a graphing/scientific calculator) is if you're sitting in a conference room or a client meeting and someone says "that doesn't look right." or "what if we changed this growth rate, to that?"

Senior bankers don't have time for you to boot up your computer, and play around with your model, if you're in a meeting. if you're quick with calculator, you'll look like a star analyst.

The calculator is also a great way to double check your numbers. It is very easy to make a mistake in your formula and not spot it after a couple of sleepless nights. Starting fresh with a calculator can spot a lot of those errors.

As an analyst, your numbers are expected to be correct ALL the time. $100 for an HP financial calculator is a great investment (although my firm gave me mine for free)

ive used this pos so often, i dont exactly recall whether i got in training, banking or trading (think maybe when i switched tho...).

regardless. i certainly didnt have to pay for it. im assuming you didnt take finance classes in college? b/c we had to purchase a fin calc if i recall correctly. use that for now. are you sure one will not be provided for you tho?

if you know you'll end up in s&t, get the 12c b/c its the calculator 98% of traders use.....and keep the receipt so you can get that sh*t reimbursed. actually for whatever you buy, once you get placed try to get your money back anyway. if you need it for the office, they should provide it. thats BS.

I personally like the TI BAII Plus better than the HP 12c.

The HP 12c has pretty much all the same functions, but the basic order of operations takes a bit of getting used to (for instance, to do simple addition, instead of 2,+,2,enter, you push 2,enter,2,+

I do NOT recommend the BAII Plus Professional, the BAII Plus is much better.
I have the BAII Plus Professional, used it for the CFA, and I am using it for my masters (graphing calculators not allowed :(). The keys on the calculator are really hard to press.

In other words: don't go pro if you buy the TI.

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All bulge banks give them out in training I believe. I got one as a summer and then another when I came for full time. The HP 12C is the standard in banks even though it is very old school and backwards. I use my calculator at least every few days and it is sort of vital for meetings. If you are in a discussion with your MD in his office and he asks you what will happen if we change the discount rate or something you can give him a quick answer on the spot. Much more efficient than having to go back to your computer, chance it, and then return.

i use the hp 17b...i have a 12c but prefer the normal entry procedure, not reverse polish....

BAII plus from undergrad finance classes?

The HP12c Platinum edition has an ALGEBRA entry mode instead of only the classic RPN entry mode you are referring too.

You can still solve things in simple, traditional PEMDAS entry strokes, but the HP12c ALGEBRA mode also has helpful entry sequences.

http://h20331.www2.hp.com/Hpsub/downloads/HP12CPAlgebraicMode.pdf

True story: on my third day as a FT I went into a meeting with a BA II plus and was kicked out within 15 seconds. Unless you want your MD to think that you are total dumbass, get the HP 12C.

It's funny how universal the HP12C has become in finance. I don't show up to a meeting now without a notepad, pen and HP12C in hand.

When I first started in PE I used my trusty TI-83, but quickly realized every other associate relied solely on the HP12C (you'll get used to the RPN fairly quickly).

During my early days I actually remember leaving my TI-83 in a partner's office - his assistant stopped by shortly after to drop it off, adding that the partner had told her my "enormous calculator was making [him] nervous".

i like the TI BA II Plus Professional - if you're not used to Reverse Polish notation which is used on the HP calculators, you're definitely much better off with the BA II Plus Pro. It's used on the CFA exams too, if that's something you're thinking about down the line. I never had issues with "sticky buttons" as someone else mentioned earlier; in fact I even heard that the sticky button issue was even more pervasive with the standard BA II Plus, so who knows...

But the HP12c Platinum edition allows you to toggle between ALGEBRA and RPN.

interesting, i didn't know about the platinum edition

I do have an HP 12-C (everyone got them for free during training), but hardly ever use it (this could be because I haven't been going to many meetings lately since I'm on my way out).

Still, I agree it is useful to be able to produce quick answers to math questions in meetings or just discussions with your group so it's definitely good to have.

I actually think RPN is more useful once you get used to it...

http://www.mergersandinquisitions.com/
Mergers & Inquisitions

You should have a HP 12C. Even outside of possible meetings / conference calls, I use a lot for quick calculations when excel isn't open. Also I'll use it if excel gives me an answer that seems f'ed up (excel will screw up calcs from time to time and will make you re-type formulas into the cell)

Hahaha, so true. Seriously, man up and learn the RPN and get a 12c. A principal "accidentally" took my 12c (even though his has his card taped to the back), and didn't return it for weeks because he forget his own at home. I reminded him subtly a few times but had to resort to an extra BA II Plus in the meantime. I almost threw the thing out the window.

Just curious, why is this? Don't they both have the same functions!! I'm wondering why the finance world seems to prefer the HP 12c so much...BA II Plus seems easier to navigate...

i've gotten by in PE with a TI BA II Plus Professional so far, and everything's been fine. maybe if i start bringing in an HP, they'll even give me a raise.

hp 12c or 17b? which one is more used in finance nowadays?

12c