Approved Calculators for IFoA & IAI Exams

Exam-Approved Models

Which calculator for which exam?

IFoA and IAI each specify permitted models. Using the wrong one risks disqualification. Here is exactly what is allowed and why.

IFoA Exams — CS1, CS2, CM1, CM2, CB1, CB2, CP, SP, SA

Casio fx-991ES Plus / fx-991EX Classwiz

₹1,200 – ₹1,800 approx (Amazon India)

Natural textbook display — fractions, roots and powers shown as written
552 functions including numerical integration and differentiation
Equation solver — simultaneous equations up to 4 unknowns
Matrix and vector operations up to 4×4
Statistics and regression modes
Complex number calculations
CALC key — re-evaluate expressions with different values
Solar + backup battery — will not run out mid-exam

Why these features matter for IFoA

Numerical ∫ — CM1 annuity and reserve calculations where closed forms are messy

Equation solver — find unknown interest rates in CM1/CM2 without trial-and-error

Matrix mode — multi-state model calculations in CM2

Stat mode — regression and distribution parameters in CS1/CS2

Not permitted: Casio fx-CG50, fx-9860, or any graphing / programmable / CAS model. Check the IFoA exam regulations page before your sitting.

IAI Exams — CS1, CS2, CM1, CM2, CB1, CB2 and all others

Casio fx-82ES Plus / fx-82MS / fx-82EX

₹700 – ₹1,000 approx (Amazon India)

Natural textbook display (ES Plus and EX models)
252 functions — all arithmetic, trigonometric, logarithmic
Basic statistics: mean, standard deviation, regression
Fraction, power and root calculations
CALC key for formula re-evaluation
Solar + battery powered
Compact and durable — standard classroom/exam model

Why it is sufficient for all IAI papers

CALC key — use one formula repeatedly in reserve recursion tables

x^y power key — compound interest and mortality calculations

Stat mode — covers all CS1 and CB2 descriptive statistics

ln and e^x — force of interest and Makeham law calculations

Important: IAI does not permit the fx-991 series. The IAI invigilator checklist specifically restricts calculators to the fx-82 series equivalents. Bring the correct model to avoid your calculator being confiscated.

Feature	fx-82 (IAI)	fx-991 (IFoA)
Display & Input
Natural textbook display	✓ (ES Plus / EX)	✓
Number of functions	252	552+
CALC key (re-evaluation)	✓	✓
Advanced Features
Numerical integration ∫	✗	✓
Numerical differentiation d/dx	✗	✓
Equation / polynomial solver	✗	✓ (up to 4 unknowns)
Matrix operations	✗	✓ (up to 4×4)
Complex number mode	✗	✓
Vector calculations	✗	✓
Statistics & Probability
Basic statistics (mean, SD)	✓	✓
Regression analysis	Basic (linear)	6 regression types
Distribution calculations	✗	✓ (Normal, Poisson, Binomial)
Practical
Approx. price (India)	₹700 – ₹1,000	₹1,200 – ₹1,800
IAI exam permitted	✓ Yes	✗ No
IFoA exam permitted	✓ Yes	✓ Yes

Online Tools

Five calculators for actuarial work.

Useful for checking exam answers, understanding formulas, and building intuition. All working shown so you can see how the result was reached.

Interest Rate Converter

Enter any one interest rate form and instantly get all equivalent representations — effective annual, force of interest, annual discount, nominal rates payable m-thly, and the discount factor v. Essential for CM1 and CM2.

Key identities:
i (effective annual) → δ = ln(1 + i)
i → d = i / (1 + i)
i → i^(m) = m[(1+i)^1/m − 1]
i → v = 1 / (1 + i)

I know this rate type

Value

Enter as

m (frequency) — for i^(m) / d^(m)

Exam tip (IFoA): If you know i and need δ, use the fx-991's ln function: δ = ln(1 + i). If you know δ and need i: i = e^δ − 1, using the e^x key.

Time Value of Money — Solve for Any Variable

Given any four of PV, FV, PMT, n, and i, solve for the fifth. Works for both annuity-immediate and annuity-due.

Solve for

Annuity type

PV — Present Value _{(enter 0 if none)}

FV — Future Value _{(enter 0 if none)}

PMT — Payment per period _{(0 if lump sum)}

n — Number of periods

i — Interest rate per period

Rate entered as

Annuity Factor Calculator

Calculate annuity factors a_n|, ä_n|, s_n|, s̈_n| and deferred annuity factors for any combination of interest rate and term.

a_n|i = (1 − vⁿ) / i ä_n|i = a_n|i × (1 + i)
s_n|i = ((1+i)ⁿ − 1) / i s̈_n|i = s_n|i × (1 + i)
_m|a_n|i = v^m × a_n|i

i — interest rate

Rate entered as

n — term (years or periods)

Deferral period m _{(0 for none)}

IAI exam tip (fx-82): Store v = 1/(1+i) in memory (SHIFT → STO → A), then calculate v^n using the x^y key, then (1 − Ans) ÷ i for a_n|. Use CALC to repeat with different n values.

Bond Price, Duration & Convexity

Price a fixed-coupon bond and calculate Macaulay duration, modified duration, and convexity. Key for CM1 and CM2 asset-liability matching problems.

Price = F·vⁿ + C·a_N|i (C = coupon/period, N = total periods)
Macaulay Duration = [Σ t·CF_t·v^t] / Price (in years)
Modified Duration = Mac. Duration / (1 + y/m)

Face Value F

Coupon Rate (per annum)

Coupon Frequency m

Time to Maturity (years)

Yield (per annum)

Mortality & Survival Calculator

Calculate survival probabilities, death rates, force of mortality, and complete expectation of life using three standard actuarial mortality models. Used in CM1 for life assurance and annuity pricing.

Makeham: μ_x = A + Bc^x, _tp_x = exp(−At − (B/ln c)·c^x·(c^t−1))
Gompertz: μ_x = Bc^x, _tp_x = exp(−(B/ln c)·c^x·(c^t−1))
Constant force: μ = const, _tp_x = e^−μt

Mortality model

x — exact age

t — period (years) _{default 1 for q_x}

Note: Makeham and Gompertz parameters here are representative exam-style values. Your specific exam paper will state the table or parameters to use. The formulas and structure of the calculation remain the same.

Other Models in the Market

What else is available — and what we think of it.

Several other scientific calculators are sold in India. Here is an honest assessment of each one for actuarial exam use.

Our recommendation: upgrade within the same family

If you already own an fx-82ES Plus for IAI, it is fine — no need to replace it. But if you are buying new for IAI, consider the Casio fx-82EX (same exam permissions, newer display, same price). For IFoA, the Casio fx-991EX Classwiz is noticeably better than the older fx-991ES Plus — it has a higher-resolution display, more storage, and a QR code function that lets you verify results on your phone during study sessions. Both are available on Amazon India and Flipkart for under ₹2,000.

Model	IAI	IFoA	Price (India)	Verdict
Casio fx-991EX Classwiz ⭐ Best for IFoA	✗ Not permitted	✓	₹1,500–2,000	Strongly recommended for IFoA students. Newer, faster, higher-resolution display than ES Plus. QR code feature useful during self-study.
Casio fx-82EX ⭐ Best for IAI	✓	✓	₹900–1,100	Recommended for IAI students buying new. Direct upgrade over ES Plus — same functions, better display technology (Classwiz family). Same price band.
Casio fx-991ES Plus 2nd Ed Current standard for IFoA	✗	✓	₹1,200–1,500	Perfectly capable for all IFoA exams. If you already own one, keep it. If buying new, the fx-991EX is better value at a similar price.
Casio fx-82ES Plus 2nd Ed Current standard for IAI	✓	✓	₹700–1,000	Works well. The fx-82EX is a marginally better buy for the same money but this model is proven and widely available.
Casio fx-570EX Classwiz Between fx-82 and fx-991	Check IAI policy	✓	₹1,000–1,300	Good intermediate model with more functions than fx-82 but no complex numbers. Useful for IFoA. Verify IAI permit status before buying for IAI — IAI specifies fx-82 series only.
Casio fx-100MS Not recommended	Check IAI policy	✓	₹800–1,100	Older technology, no natural display, limited statistics. No reason to choose this over an fx-82EX or fx-82ES Plus that costs the same. Avoid.
Texas Instruments TI-30XS Multiview Not recommended	✗ Not on IAI list	Permitted if non-prog.	₹1,500–2,200	Widely used in US high schools, available in India through imports. Inferior key layout for actuarial work, much weaker than fx-991. No advantage over Casio for Indian exams. Not on IAI approved list.
HP 12C Financial Calculator Not recommended	✗	Varies by sitting	₹5,000–8,000	Legendary finance calculator with RPN entry system, beloved by CFAs and investment bankers. But actuarial exams require scientific functions (mortality, integration, statistics) that the HP 12C simply cannot do. Wrong tool entirely.
Sharp EL-531X / EL-506W Not recommended	✗	Non-graphing, so possibly	₹600–1,200	Cheaper Sharp models sold in some Indian stationery shops. Weaker statistics and fewer functions than equivalent Casio models at the same price point. Not on IAI list. Avoid.
Casio fx-CG50 / fx-9860GII NOT exam-permitted	✗	✗	₹6,000–12,000	Casio's graphing calculators. Extremely powerful for self-study — graph functions, simulate distributions, run statistical models. But these are prohibited in all actuarial exams without exception. Use only at home.

If you are appearing in IFoA

Casio fx-991EX Classwiz

Buy the newest model. The improved display and QR-code study feature are worth the marginal extra cost over the older ES Plus. Available on Amazon India, search "Casio fx-991EX".

If you are appearing in IAI

Casio fx-82EX or fx-82ES Plus

Both are IAI-approved. The fx-82EX is the newer model and a marginally better buy. Search "Casio fx-82EX" on Amazon India. Do not buy the fx-991 series — it is not permitted in IAI halls.

Actuarial Calculators — Exam-approved tools and online calculators for IFoA and IAI students

Which calculator for which exam?

Bring the wrong calculator to the exam hall and you lose the paper. Full stop.

Five calculators for actuarial work.

What else is available — and what we think of it.