You cannot bring your own calculator to the Series 65 exam. Prometric testing centers provide a basic four-function calculator (add, subtract, multiply, divide) plus a whiteboard and markers for scratch work.
Calculator Policy Overview
The Series 65 exam has a strict calculator policy designed to ensure fairness and exam security. Here is what you need to know:
- Four-function calculator
- Small whiteboard
- Dry-erase markers
- Noise-canceling headphones
- Personal calculators
- Financial calculators
- Phones or smartwatches
- Any electronic devices
- Paper notes or cheat sheets
This policy applies to all NASAA-administered exams (Series 63, 65, and 66). The rationale is straightforward: limiting calculator functionality ensures that exam performance reflects your knowledge, not your calculator skills or pre-programmed shortcuts.
What’s Provided at the Testing Center
When you arrive at the Prometric testing center and are seated, you will receive the following tools:
Four-Function Calculator
A basic calculator with only add, subtract, multiply, and divide functions. No memory, no square root, no financial functions. This is intentional; the exam is not designed to require complex calculations.
Whiteboard and Markers
A small dry-erase board and markers replace traditional scratch paper. Use this to work out calculations, write down formulas at the start of your exam, and make notes as you work through questions.
Noise-Canceling Headphones
Optional headphones to block out ambient noise from other test-takers. Useful for maintaining focus, especially if you are sensitive to sound.
As soon as your exam timer starts, spend 2-3 minutes writing key formulas on your whiteboard before you look at any questions. This locks in what you memorized while your mind is fresh and stress-free.
What Calculations to Expect
The Series 65 exam includes approximately 10-15 math-based questions out of 130 total. The good news: most calculations are straightforward with a four-function calculator.
Common Calculation Types
Current Yield
Annual Coupon ÷ Market Price
Example: $60 ÷ $950 = 6.32%
Difficulty: Easy
Tax-Equivalent Yield
Tax-Free Yield ÷ (1 - Tax Rate)
Example: 4% ÷ (1 - 0.32) = 5.88%
Difficulty: Easy
NAV per Share
(Assets - Liabilities) ÷ Shares
Example: ($100M - $5M) ÷ 5M = $19
Difficulty: Easy
CAPM Expected Return
Rf + β × (Rm - Rf)
Example: 3% + 1.2 × (10% - 3%) = 11.4%
Difficulty: Medium
Sharpe Ratio
(Return - Rf) ÷ Std Dev
Example: (12% - 3%) ÷ 15% = 0.60
Difficulty: Medium
Rule of 72
72 ÷ Annual Return
Example: 72 ÷ 8% = 9 years to double
Difficulty: Easy
Notice that all these calculations use basic arithmetic: addition, subtraction, multiplication, and division. The exam designers know you only have a four-function calculator and construct questions accordingly.
More often than actual calculations, the exam tests whether you understand when to use each formula and how to interpret results. For example: “A bond trading at a discount will have a current yield that is ______ than its coupon rate.” (Answer: higher)
For a comprehensive breakdown of all formulas, see our Series 65 Formula Guide.
Master the Math with Adaptive Practice
CertFuel tracks your performance on calculation-based questions separately from conceptual questions. Our Smart Study algorithm identifies whether you struggle with the formulas themselves or interpreting results, then prioritizes exactly what you need to practice.
Access Free BetaMental Math Tips for Efficiency
While you have a calculator, mental math shortcuts can save time and help you verify answers quickly. Here are techniques successful candidates use:
Estimate Before You Calculate
Before punching numbers into the calculator, estimate the answer. If a bond with a 5% coupon is trading at a 10% discount, current yield must be slightly higher than 5%. If your calculation gives you 12%, something is wrong.
Use the Rule of 72 as a Sanity Check
72 ÷ 6 = 12 years to double. 72 ÷ 12 = 6 years to double. This quick mental math helps verify time value of money questions and compound growth scenarios.
Know Your Percentages
Memorize common conversions: 25% = ¼, 33% ≈ ⅓, 20% = ⅕, 10% = 1/10. When calculating tax-equivalent yield with a 25% tax rate, you are dividing by 0.75 (or multiplying by 4/3).
Eliminate Obvious Wrong Answers
If calculating NAV and the answer choices are $15, $19, $25, and $85, and you know assets are $100M with minimal liabilities, $85 is immediately suspect. Mental estimation helps you eliminate outliers.
Break Complex Calculations into Steps
For CAPM: first calculate the market risk premium (Rm - Rf), then multiply by beta, then add back the risk-free rate. Write intermediate results on your whiteboard to avoid errors.
Formula Memorization Strategy
Since you cannot bring notes into the exam, you must memorize key formulas. Here is a strategic approach:
Priority 1: Must Know (Frequently Tested)
Current Yield = Annual Coupon ÷ Market Price
Tax-Equivalent Yield = Tax-Free Yield ÷ (1 - Tax Rate)
NAV = (Assets - Liabilities) ÷ Shares Outstanding
CAPM = Rf + β × (Rm - Rf)
Rule of 72 = 72 ÷ Return = Years to Double
Priority 2: Should Know (Sometimes Tested)
Sharpe Ratio = (Return - Rf) ÷ Standard Deviation
Treynor Ratio = (Return - Rf) ÷ Beta
Alpha = Actual Return - Expected Return (from CAPM)
Sales Charge % = (POP - NAV) ÷ POP
After-Tax Return = Pre-Tax Return × (1 - Tax Rate)
Priority 3: Understand Concept (Rarely Calculated)
YTM approximation (know the relationship, not exact formula)
Standard Deviation (understand what it measures)
Duration (conceptual understanding)
Use flashcards with spaced repetition to memorize formulas. Review them daily in the weeks before your exam. The FSRS algorithm shows cards at optimal intervals for long-term retention. Our flashcard strategies guide explains how FSRS-powered spaced repetition works and why it’s ideal for memorizing the formulas you’ll dump on your whiteboard at exam start.
The Whiteboard Dump Strategy
On exam day, as soon as your 180-minute timer starts:
- Take a deep breath. Do not look at the first question yet.
- Write your Priority 1 formulas on the whiteboard.
- If time permits, add Priority 2 formulas.
- Now begin the exam with your “cheat sheet” ready.
This takes 2-3 minutes but can save you from blanking on formulas later when stress is higher. Successfully executing this strategy requires actually memorizing those formulas beforehand. Our flashcard strategies guide shows how to use FSRS-optimized flashcards to lock in formula recall so the whiteboard dump happens naturally under exam pressure.
Never Blank on Formulas Again
CertFuel's Smart Flashcards use FSRS v5 spaced repetition to show you formulas at the scientifically optimal moment for long-term retention. Our adaptive system prioritizes formulas you struggle with while maintaining the ones you've mastered.
Access Free BetaExam Day Calculator Tips
Here is how to make the most of your provided tools on exam day:
Test Your Calculator First
Before starting questions, do a quick test: 100 ÷ 4 = 25. This confirms the calculator works and familiarizes you with its feel. Report any issues immediately.
Write Intermediate Steps
For multi-step calculations, write intermediate results on your whiteboard. This prevents errors and makes it easier to check your work if an answer seems wrong.
Double-Check Decimal Placement
The most common calculator error is misplacing decimals. When entering percentages, be consistent: either enter 0.05 or 5% but know which your formula expects.
Flag and Return
If a calculation is taking too long, flag the question and move on. Return to it after completing other questions. Do not let one math problem consume 10 minutes.
Clear Between Calculations
Press clear (C) between each calculation to avoid accidentally including numbers from the previous problem. This is a simple habit that prevents careless errors.
Verify Against Estimates
After calculating, verify your answer makes logical sense. A current yield of 0.5% on a corporate bond, or a beta of 15 for a stock, should trigger rechecking.
Practice with Limitations
During your final weeks of study:
- Put away your financial calculator and phone calculator
- Use only a basic four-function calculator for practice problems
- Practice writing formulas from memory on scratch paper
- Time yourself on practice exams to build endurance
For structured daily and weekly breakdowns of how to organize those final weeks, see our study schedule guide. To practice full exam simulations with timed conditions and anxiety management strategies, our exam day guide covers the complete experience. Including the whiteboard dump strategy and calculator handling under pressure.
The goal is eliminating surprises on exam day. If you have practiced under exam-like conditions, the calculator limitation will feel natural rather than restrictive.
- No personal calculators are allowed at the Series 65 exam
- Prometric provides a four-function calculator, whiteboard, and markers
- 10-15 questions involve calculations, mostly using basic arithmetic
- Memorize key formulas and write them on your whiteboard at the start
- Practice with a basic calculator during your final weeks of study
The calculator limitation is not meant to trip you up. The exam tests your understanding of financial concepts, not your ability to operate sophisticated calculators. With proper preparation, the four-function calculator is all you need.
Understanding calculator policy is just one piece of comprehensive exam readiness. For a complete roadmap covering study timelines, formula memorization, final week preparation, and test-day logistics, see our series 65 exam day guide.