Blog Article

*IMPORTANT* CALCULATOR SETTINGS FOR UPCOMING CFP® CERTIFICATION EXAMS

The CFP Board sets rules regarding materials allowed in the exam room, and will usually "clear" calculators. Proctors at exam testing centers are resetting all financial calculators back to original factory settings.

As a result, any settings for compound interest and decimal settings are being deleted.

One student reported, “Prometrics reset both of [my calculators] to factory settings before I entered the exam. It was quite a shock to see my calculator wasn’t the way I set it up when I turned it back on.”

To solve this issue, we recommend you clear your calculator and practice the steps for resetting it back to the essential compound interest and decimal settings.

Below are the directions to reset your HP financial calculator to the preferred settings when taking the CFP® exam:

CLEARING YOUR FINANCIAL CALCULATOR

HP10BII and HP10BII+

  • Press [ON]
  • Hold the first key from the left ([N]) and the first key from the right ([FV]) on the top row
  • Release all three keys at the same time
  • The calculator will go blank, and then display CORP HP 2000
  • The message will disappear and the calculator will display “ALL CLEARPress the [ON] key to clear the message

HP17BII

  • Press and hold [CLR]
  • Press and hold the first key from the top left and the first key from the top right
  • Release all three keys at the same time
  • The calculator will display MEMORY LOST
  • Press [CLR] to clear the message

HP12C

  • Press ON to turn off the calculator
  • Press and hold the { - }
  • Press and release ON
  • Release { - }
  • The screen will display “Pr Error”
  • Press {Enter} and the calculator will reset to the default settings, and the memory will be erased.

RESTORING YOUR CALCULATOR SETTINGS

Setting the Number of Decimals to Four

HP 10BII and HP10BII+
Keystrokes Display    
[ORANGE- SHIFT] [DISP] 4 0.0000

 

HP 17BII
Keystrokes Display
[DSP] SELECT DISPLAY FORMAT
[FIX] TYPE # DIGITS (0-11); PRESS [INPUT]
4 [INPUT] 0.0000

 

HP 12C
Keystrokes Display
[f] 4 0.0000

 

Setting the Period of Compounding to One Per Year

HP 10BII and HP10BII+
Keystrokes Display
1 [“ORANGE” shift] [P/YR] (NOTE – the [P/YR] key is the [PMT], not the [N] key 0.0000

 

HP 17BII
Keystrokes Display
[FIN] SELECT A MENU
[TVM 1 P/YR END MODE
[OTHER] 1 P/YR END MODE
1 [P/YR] 1 P/YR END MODE
EXIT 1 P/YR END MODE

 

HP 12C
The HP 12C is automatically set to one period per year

 

Practice and memorize these steps before exam day. The last thing you want is to go to the exam and worry about figuring this out, so make sure you know how to do it before you go to the testing center!

If you have questions about this or have important information about exam day procedures you feel other students should know about, please contact us at (877) 863-3009 or at info@dalton-education.com.

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