Do you actually need to buy a scientific calculator? If my opinion interests you, my recommendations are based on many years of teaching experience as well as my personal preferences. Perhaps you are thinking that I am biased – obviously I am. My personal preference is for Sharp calculators. There are several options in the market and on the following lines we will go through the important aspects to consider.
Main considerations
When thinking about which financial calculator to buy, there are mainly the following things to consider:
- Why do I need my calculator?
- How much am I willing to spend?
- Am I going to be taking exams for financial certifications (such as CFP, Series 7, CPA, CFA or SOA)?
- Am I in need of a scientific or graphing function?
Let’s take a look at three of the above one at a time, and I’m going to provide a few recommendations.
Why do I need a calculator?
Most of us initially need to get a financial calculator since they will be taking a basic financial manager course. If completing this course is the only goal, then I advise that you buy the most affordable model that you come across. The cheapest models generally cost around 20 to 50 pounds, although you can at times get them discounted for less than that. They are really good financial devices that will be able to handle everything you will need. They miss some advanced financial functions though, and having these functions can actually be handy. However, most of us will never even notice them missing.
In case you are a major undergraduate in finance, a finance expert or an MBA student, it could be a great choice to go for a better model. But bear in mind that you are most probably more likely to utilise a spreadsheet with the problems, therefore a fancy calculator can be more than you require.
How much am I willing to spend?
Financial calculators usually fall into 2 categories: between 20 and 30 pounds (more basic models), and 40-80 (higher-end models). If you do not require so much memory, graphing, some extra financial functions, as well as scientific functions then you need to stick to a more inexpensive model.
One aspect that business students must remember: several math departments need graphing calculators. You will probably require one for your math class, so you should purchase one that will work adequately in the accounting or finance class. Remember that a teacher in a specific course perhaps will not allow graphing devices, so make sure you ask about this in case it is not specified in the course syllabus.
Do I need scientific functions?
In case you require graphics or scientific and more advanced math functionalities, then higher-end models are most probably the models you might want to look at. Sharp makes a high quality scientific calculator.
When it comes to finance, the graphing functionalities of calculator devices are not that useful. In case you actually need graphics, you are better off just creating spreadsheets. I am sure that there are a few finance teachers who will disagree with me on this point.
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