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Excel
Crash Course
For Microsoft Excel Versions 2010, 2013, 2016
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prohibited without the expressed, written permission of Wall Street Prep, Inc. This training is
designed for illustrative purposes only and does not, in any way, constitute any investment thesis
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marks are trademarks of Wall Street Prep, Inc.
Excel Basics
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Excel Crash Course > Excel Basics
• This self-paced course starts by assuming you have never used Excel before and quickly
progresses through Excel’s most useful and powerful features, such that even Excel “power
users” will benefit from the middle to late drills.
• If you find the beginning chapters to be too basic, feel free to fly right through them until you
get to the chapters that reflect your Excel knowledge
• The versions are virtually identical but we will encounter a couple of differences
• When those differences emerge during the course, we will identify them
• However, since professionals like financial analysts spend significant amounts of time with
Excel, learning keyboard shortcuts and more advanced functionality in Excel will greatly
improve the efficiency and quality of the modeling output.
• Almost everything that can be done in Excel using a mouse can also be done using the
keyboard shortcuts. Accordingly, this Excel module has been developed around keyboard
shortcuts.
• The best way to learn these shortcuts is to literally disconnect the mouse from your computer
and work through this Excel module using only the keyboard. If you do this, you will come out
of this program a more efficient Excel user.
• Initially, learning all of the useful shortcuts will be frustrating, but it is absolutely worth the
time to learn. The more shortcuts you know, the more efficient you will be in Excel.
• If you have used Excel in the past, go directly to the next chapter
• Don’t worry if certain icons or tab contents may not make sense
right now; we’ll cover many in the subsequent chapters.
• And of course, use your keyboard, not your mouse, as your Before proceeding to the
navigation guide. next slide, open up a
blank Excel file
Rows Columns
Main Tabs
• Although we focus on shortcuts, virtually all commands, functions, and Excel features can be
accessed through the task-oriented tabs which organize them into eight logical categories:
2010
Ribbon
2013
Ribbon
2016
Ribbon
Main Tabs
1. Press ALT or F10 and the appropriate letter associated with each tab. Once you are in a
specific tab, press the appropriate letter associated with a specific feature or task. This
option will work for all commands. For example, open a new blank Excel file by hitting Alt f
n.
2. Many commands have alternate shortcuts using the Ctrl, Shift, Alt, or Function buttons (or a
combination of two out of the four, typically).. For example, we could have also opened a
new file by hitting Ctrl n – these types of shortcuts you just have to commit to memory, but it
is worth it.
• Many Excel features (Open file, Save file, Print file, etc.) are located in the File tab
• Excel also has alternative keyboard shortcuts (using Ctrl) for many of these features.
Open a file
• Alt f o
• Ctrl o
Save a file
• Alt f s
• Ctrl s
Print a file
• Alt f p
• Ctrl p
Toolbars
• Background color
• Text/cell alignment
• Changing currency,
decimal, percent formats
• Pivot tables
• Tables
• Charts
1. Adjust margins,
orientation, size,
and print area of
page
2. Scale a
worksheet
3. Sheet formatting
options,
including
showing
gridlines
4. Apply a theme of
colors, fonts, and
effects to the
worksheet
Formulas Tab
1. Insert a function
3. Name cells
Data Tab
4. Data validation
5. Scenario analysis
6. Goal seek
7. Data tables
8. Grouping rows/columns
Review Tab
1. Check spelling
View Tab
Developer Tab
• Recording Macros
• VBA development
Excel 2013/16: Disabling the Start Screen and adding more worksheets on startup
• Most of the time, the Start
Screen is an unnecessary
extra step to get to the
Excel screen
1. Hit alt f t to go to
Excel options (you can
get there from the
ribbon by clicking on
the file tab)
2. Under ‘General’
unselect “Show the
Start screen when this
application starts”
Recommended settings
• Enable iterations
• You can also protect individual worksheets so that people can’t see or edit formulas “Protect
Current Sheet”
Practice by doing
• We are now ready to delve further into Excel contents through some basic Excel exercises, a
series of progressive steps building off one another.
• Excel can be mastered only through practice, and the following exercises provide such hands-
on application. As you go through this chapter, make sure to replicate the steps in your own
Excel file.
• While the first step in mastering Excel is to gain familiarity with its various features and
functions and where to find them, the second step is finding the most efficient way to use
them. Accordingly, try repeating certain commands introduced in each step multiple times to
get them “under your belt”.
• As you go through the various steps, resist the initial temptation to use a mouse. Use the Excel
shortcuts list to help you.
• Most keyboard shortcuts involve Alt or Ctrl keys, so it is crucial that you understand how to use
each of them.
• When using keyboard shortcuts involving Alt, you can press each key and let go; that is, you do
NOT need to hold down the Alt key as you press ‘f’ and ‘a’ keys.
• You can think of the above ‘Save As’ shortcut as consisting of the following three distinct steps
(do each of them slowly to see what happens):
ii. Press f (and let go) – it opens the Office Button menu
iii. Press a (and let go) – it brings up the ‘Save As’ screen
Alt commands
Most commands involving Alt are shortcuts to
the commands and functions inside the eight
default Main Tabs.
• Most commands involving Ctrl are shortcuts that have been automated by default to make
Excel more efficient and user-friendly.
• For example, a keyboard shortcut that makes contents of a cell bold is Ctrl b.
Input Data
If you haven’t already, please open up a blank Excel file
1. Within the worksheet you just opened, without the mouse, using only the arrow keys on your
keyboard, go to B2 and type in the text “Revenues” and hit the down arrow key on the
keyboard in order to exit the cell and move to the next cell down (cell B3).
2. In cell B3, type in the text “Cost of Goods Sold” and again, hit the down arrow key to move
down to cell B4.
4. Again using the arrow keys move to cell C1 and type in “2005”
• Notice how the text in column B was cut off when we input data into column C – it’s because
the text in column B is too long, so we need to widen Column B.
1. Highlight Column B by pressing Ctrl Spacebar. Then press Alt h o i to auto-fit the column
width.
2. If you want a column to have a certain width, press Alt h o w and enter the desired width
(Excel’s default column width setting is 8.43).
3. Analogously, to expand a desired row, press Shift Spacebar, and then press Alt h o a to
auto-fit the row height.
4. If you want a row to have a certain height, press Alt h o h and enter the desired height
(Excel’s default row height setting is 12.75).
• Copy the formula in cell C4 and paste it into cells D4 through F4: press the up arrow key to
hover over cell C4 and press Ctrl c (shortcut for Copy). Now, holding down the Shift button, use
the right arrow key to highlight cells D4 through F4.
• Now hit Ctrl v (shortcut for Paste). Notice that Excel automatically pasted the formulas – not
the output – through all the cells, and as we moved the formula into columns to the right of
column C, the cells that are being referenced in the formulas also moved to the right.
Formatting
Excel 2013/16: Add 2 worksheets to your workbook before proceeding (alt I w)
• Press Ctrl Page Down to go from Sheet1 to Sheet2 within the workbook and create the
following matrix without using the mouse. Remember the following:
• Copy and paste the formulas across the appropriate cells in row 4 – by using the Shift right
arrow key (not the mouse!)
Formatting
Formatting
• Hint: The ‘Font’ tab under the ‘Format Cells’ menu – don’t use the mouse!
1. Copy and Paste the row and column headers from Sheet2 into Sheet3.
2. In cell C2, press = then holding the Ctrl key press Page Up until you reach Sheet1. Within
Sheet1, use the arrow keys to hover over cell C2.
3. Press the + key (Shift =) and then hit Ctrl Page Down to go to Sheet2 and then again,
using the arrow keys hover over C2. Your edit box should now have the following formula
inside: =Sheet1! C2+Sheet2! C2.
4. Hit Enter. Notice that once you hit enter, Excel takes you back to Sheet3, where it has
added up C2 from both Sheet1 and Sheet2.
5. Now hit Ctrl C to copy this cell and using shift and the arrow keys, hover over the cell input
range (C2:F3) and then hit Ctrl V to paste.
6. Calculate the gross profit in row 4 as you did in both earlier exercises.
7. Format the cell range as you did in the last exercise using the ‘Format Cells’ menu.
Paste Special
Navigation
Within Excel
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Excel Crash Course > Navigation Within Excel
• As you go through each of the upcoming drills, make sure to replicate the steps in your own
Excel file and just as importantly, understand how to access each feature most efficiently.
Navigation drills
1. Open a new blank workbook (Ctrl n) and then switch back to Sheet3 of the existing workbook
(Ctrl Tab).
2. Move from Sheet3 to Sheet2 and back to Sheet3 by using the appropriate keyboard shortcuts.
ii. Go from B2 directly to the final projection of revenues (cell F2) by clicking Ctrl -> (right
arrow key). Note: In Excel, you can go to the end of any contiguous range by clicking Ctrl -
> (or any appropriate arrow).
iii. From cell F2, highlight cells F2 through cell F4 by clicking Shift ->. You will need to press
-> twice in order to reach cell F4. If you would like to highlight cells F2:F4 simultaneously,
click Shift Ctrl -> .
iv. With cells F2:F4 highlighted, highlight the entire table B2:F4 by clicking Shift Ctrl ->
Navigation drills
1. Still within Sheet3, highlight all the cells in the worksheet by pressing Ctrl a.
2. Move Sheet3 to precede Sheet1 in the workbook by pressing Alt h o m, and hit Enter.
3. Change the zoom size to 75% by pressing Alt w q, (or alt v z) selecting 75% with the arrow
keys, and hit Enter.
4. Change the zoom size back to your default size by pressing Alt w q again, and selecting the
original zoom size and hit Enter.
To Freeze Panes
• Click the cell below the desired row and to the right of
the desired column where you want to freeze panes and
hit alt w f f.
Splitting panes
To Split Panes:
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Excel Crash Course > Entering and Editing Data in Excel
1. Go to cell C4 and hit F2. F2 is the command that puts you “inside” a cell.
2. Within cell C4, press Shift left arrow until ‘C3’ is highlighted.
3. Hit Shift Ctrl left arrow and you’ll notice that C2 is instantly highlighted. Notice that it is a
similar idea to editing outside cells: Shift arrow-keys highlight characters one at a time,
while Shift Ctrl arrow-keys highlight contiguous ranges of characters within the cell.
4. Now hit backspace to delete the highlighted region, and while still within the cell hit Esc to
cancel everything we have done so far. Within cells, the Esc key is very useful when you will
be working with complex worksheets because it cancels unintended cell entries.
• Now try to add cell C6 by typing + and using the arrow keys - you’ll find that you are stuck –
hit F2 again to get “unstuck” and then use the arrow keys.
• Pressing F2 again activates the cursor and enables you to move to different cells, worksheets,
and even other open Excel files (you should see a dotted border when you move to any of these
locations) in order to insert additional formula components into the original cell’s pre-existing
formula (C4 in our example) .
• You can delete the contents of a cell simply by hitting Delete on an active cell.
• Important – hitting delete does NOT delete the formatting in the cell – this is retained, so next
time you type a number into that cell, it will retain the formatting of the originally deleted
data. It also won’t delete a comment that may exist in the cell. So how do your truly delete a
cell?
• With your cursor on the desired cell, hit Alt h e (Home Tab -> Clear). From a drop-down menu,
choose the appropriate action:
1. (Alt h e) a = Clears ALL contents of the cell (values, formulas, and format)
3. (Alt h e) c = Clears the CONTENTS of the cell only (same as hitting Delete)
• Ctrl R tells Excel to look at the leftmost column of a range of highlighted cells and copy and
paste the inputs and formulas in that column to all the columns to the right.
• Ctrl D does the same thing for rows that Ctrl R does for columns, telling Excel to look at the
topmost row of a range of highlighted cells and to copy and paste the inputs and formulas
in that row down to all the rows below it.
• Still in Sheet3, go to cell E4 and insert a comment that reads “Gross Profit was negative this
year due to a strategic restructuring undertaken by the company” by typing Shift F2.
• To edit an existing comment, go to the relevant cell and press Shift F2.
• Go back to Sheet2 (Ctrl Page Down) and input data in rows 5 and 6 as pictured to the right.
• Remember to apply formatting as in the original exercise using only the keyboard.
• Keep in mind that the Net Profit cells should be calculations, not inputs.
• Let’s say we want to add a row below operating costs for non-operating costs. To do this, go to
any cell in the row below operating costs (row 6) and press Alt i r. Or, highlight the row below
operating costs by pressing Shift Spacebar, and then press Ctrl Shift + to insert the new row.
A new row will appear.
• Input the new data as shown below and modify the net profit calculation accordingly.
Remember to format appropriately for inputs (paste special formats may be helpful here).
• We now add a column for 2004. To do this, go to any cell in column C and press Alt i c, or
highlight column C by pressing Ctrl Spacebar and then insert the column by pressing Ctrl
Shift +. Insert the new data as shown by copying (Ctrl C) and pasting (Ctrl V) the formulas in
rows 4 and 7, and hard-inputting blue cells as shown in the screenshot here.
Insert column as
shown
• Ctrl v pastes relative cell references: You’ve likely noticed that when we copy and paste
formulas, Excel maintains the relative position of the cell references.
Paste special
• Back in Sheet2, highlight the cell range B1:G7, copy it (Ctrl c), and paste only the formulas
(not the formatting) into B13:G20 by pressing Alt e s f. Now hit Ctrl Z to undo the paste and
paste only the formatting (not the formulas) into B13:G20 by pressing Alt e s t.
• In addition to pasting specific combinations of formulas, formats, and values, the paste
special feature allows users to operate on multiple values in exactly the same way.
• Suppose you have a list of dollar prices (see below) quoted to you in thousands, but you wish
to see them quoted in ones (e.g., you want to convert $450 to $450,000).
• In another cell, enter the number 1000. Copy this cell, then highlight your list of prices. Press
Alt e s m. This will multiply each dollar price on your list by 1000.
• You can likewise add, subtract, or divide a list of data by a single number. For example, using
paste special is an easy way to convert positive numbers to negative numbers (by doing a paste
special multiply by -1).
Be careful when applying an operator paste special on ranges containing both formulas
and inputs
• Both formulas and inputs will be impacted by the operation, so if the formula cells are
dependent on the input cells, you may introduce unintentional errors
• It allows users to convert a vertical list of data into a horizontal list of data, and vice versa.
• Using the same set of data as in the prior slide, highlight the vertical list of prices.
• Move your cursor outside of the list range (to cell C3 in our case). Press Alt e s e. Your list of
prices should now be listed horizontally on a single row.
• Cut the range by hitting Ctrl x (the highlighted range should now look “active” with dashed
lines bordering the cell range).
• Move the cursor down to cell B8 and paste the cut range by pressing Ctrl v.
• The range has been relocated one row down from its earlier position in the worksheet.
Notice that the formulas calculating net profit inside the row have not changed. Unlike when
you copy and paste, when you cut and paste cells, the formulas inside the pasted cells do
not change.
Ctrl shortcuts
Naming cells
Caution: Naming cells is useful in very large files where a specific cell is being referenced by
many other cells in long complicated formulas. But there is a downside (see next page)
• Deleting names will cause errors in cells that reference the name.
• When you copy and paste a cell containing a formula from one cell to another, Excel
automatically shifts the cells being referenced in the formula.
• Sometimes, this is not desirable. That is why Excel allows you to anchor cells.
• Anchoring (or “Fixing”) cells that are being referenced in a formula tells Excel that even if
you copy the formula to another cell, the cells in the formula that are anchored should not
change.
• Insert a row header called “Taxes” in cell B8 and “Net Profit” in cell B9.
• Insert a formula in cell C9 to calculate net profit (Pretax Profit – Taxes). Notice that since there
is nothing in the taxes row yet, net profit simply equals pretax profit for now.
Anchoring cells
• Undo the D8:G8 paste (Ctrl z). Note: if you went inside the cells, Excel’s memory may have
been cleared and you can’t undo. If that is the case, just highlight and delete D8:G8.
• Move your cursor to cell C8 and press F2 to get inside. Now highlight C11 within the cell and
press F4.
• You will notice that Excel has placed two $ signs – one before the “C” and the other before the
“11.” You have now anchored cell C11. Press Enter. Try again to copy and paste the formula
into cell range D8:G8 and you’ll see that Excel is holding the C11 reference fixed, and the
calculations should now work as below:
Naming worksheets
• By now, we know that by default, Excel names its worksheets Sheet1, Sheet2, Sheet3, etc.
• Rename a worksheet you are working in by pressing Alt h o r which will highlight the current
name of the worksheet. Type in ‘Income Statement’ and press Enter.
• Add a new worksheet (Excel provides 3 in Excel 2010 and 1 in Excel 2013 by default) by
pressing Alt h i s.
• There is often a need to hide rows and columns (for formatting and presentation purposes, or
simply because the data in those columns is old and need not be shown all the time).
To group columns
5. Hitting Shift Alt left arrow key will remove the group.
To group rows
• In larger spreadsheets, you can easily forget which columns and rows you have hidden.
Just as importantly, it also makes it difficult for another person to audit your Excel
analysis, so stick with grouping
To ungroup worksheets:
• Press Ctrl PageUp or Ctrl PageDown until you reach one of the ungrouped worksheets; this
automatically ungroups all of the previously-grouped sheets.
• If you have grouped all worksheets, pressing Ctrl PageUp or Ctrl PageDown just once (to get
to another worksheet) ungroups all of them.
Word of Caution
Grouping worksheets serves as an efficient way of performing data entry and formatting
across multiple sheets; however, be careful – if you do not ungroup worksheets before
starting to work in one of them, you may override information in other worksheets.
Auditing cells
Good: F2
• When formulas become more complex, involving a number of cell references across different
worksheets and even Excel files, the formula auditing feature is helpful.
• Trace precedents (Alt m p): Trace cells that provide data to a formula (For cell C2 in Sheet3,
precedent cells are Sheet1!C2 and Sheet2!D2). A worksheet icon indicates that the precedent
cells are in another worksheet. Double clicking anywhere (with a mouse) on the black arrow
brings up the ‘Go To’ screen; selecting either of the precedent cell locations and hitting ‘OK’
will take you there.
• Trace dependents (Alt m d): Trace formulas that reference a particular cell. For cell C2, a
dependent cell is C4 (that cell references C2 in its formula).
Basic Excel
Functions
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Excel Crash Course > Basic Excel Functions
• Every function starts with an “=“ sign, then the function name, and then the cell range
(bound within parentheses).
• Within the parentheses, functions can have 0, 1, or many arguments, separated by commas.
• In the SUM function =SUM(A1:A10), there is only one argument, and the argument is telling
Excel the specific cell range that needs to be summed up; we will encounter functions where
there are several arguments.
• Arguments will become a little clearer when we actually deal with them, but for now just
remember that arguments are things inside the parentheses of a function, separated by
commas, that tell Excel certain things about the function.
• The SUM function below automatically adds all the numbers in a specified cell range.
• Without the SUM function, you’d have to individually add each cell using the “+” operation.
1. Go back to Sheet3 and insert a column heading in G1 as shown below and move the cursor
down to G2.
2. Press Alt = and you will notice that Excel will automatically insert a function called SUM that
sums all of the revenues from historical years and calculates them in cell G2.
3. You could have also manually typed this formula and used the arrow keys to highlight the
range of cells you wish to sum together.
• Now let’s say you want to determine what average absolute gross profit was from 2005-2008.
Excel has a built-in average function that calculates the average of a range of selected cells or
numbers.
Error Reason
Formula Forgetting the equal sign (=) at the start or inserting a space before the equal sign of
treated as text the formula is treated by Excel as text
#DIV/0! Dividing a number by zero
#REF! An invalid cell reference
#NUM! Inserting invalid numerical values in a formula or function
#NAME? Unrecognizable text in a formula
# VALUE! Inserting incorrect arguments in a function
##### When the column is not wide enough to fit the data in a cell, You must widen the
cell to fix the error (Alt H O I)
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Excel Crash Course > Logical, Date & Concatenation Functions
Logical functions: IF
• The IF function returns one value if a condition you specify evaluates to TRUE and another
value if it evaluates to FALSE.
x Criteria
y output if criteria evaluates to true
z output if criteria evaluates to
false
Drill – Creating dynamic headers by combining cell references with text (“&”)
• Excel allows users to combine (or "concatenate") cells with a text string in them with other text
strings, creating one text string by using the "&" function.
• Excel has many date functions, but Eomonth is perhaps the most useful for building financial
models or any analysis spread out over multiple periods.
• The difference is that EDATE returns the exact date, x months from the start date.
YEARFRAC
The basis represents the number
• YEARFRAC(start_date, end_date, basis) returns the of days per month/year used to
proportion of the year between two given dates, the calculate the proportion of the
start_date and end_date. Basis is an optional year.
parameter – see sidebar. 0 or omitted = U.S. 30/360
1 = actual/actual
• YEARFRAC is useful in financial modeling when
2 = actual/360
projecting future cash flows or obligations for a
3 = actual/365
fraction of a year. We often term the fraction of a year
4 = European 30/360
a “Stub Year Fraction.”
• A surprisingly useful criteria used in IF statements, is a test of whether a cell has anything in it.
• For example, the IF statement =IF(C1,C2,C3) would see if there is anything in cell C1, and if
there was, it would output C2, otherwise C3.
• Two functions that do something similar are the ISNUMBER and ISTEXT function, both
typically embedded within an IF statement, and test whether there is a number or text inside a
cell, respectively.
• In the example below, we combine an IF statement with the ISTEXT function to create outputs
that are different depending on whether there was text in the criteria cell.
Lookup Functions
& Data Tables
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Excel Crash Course > Lookup & Reference Functions
• Although less popular than HLOOKUPs and VLOOKUPs, Excel also offers several other data
extraction functions that are often a better fit for solving certain types of data extraction
problems.
• OFFSET returns a cell value or range of cell values that is a specified number of rows and
columns from a cell or range of cells. Syntax: =OFFSET(reference,rows,cols,height,width).
• INDEX returns a value from a specified row and column from within a table or range. Syntax:
=INDEX(array,row_num,column_num).
• The MATCH function returns the relative position (number) of an item in an array that matches
specified lookup value. Syntax: =MATCH(lookup_value,lookup_array,match_type).
• It does NOT return the value within the cell itself (as opposed to the HLOOKUP and VLOOKUP
functions).
• Combining with functions like HLOOKUP, VLOOKUP, OFFSET, INDEX, and CHOOSE, to make
formulas more durable and dynamic.
• Data validation is a utility in Excel, whose most frequently used feature is its ability to create
simple and quick drop-down menus.
1. To create a dropdown menu, with the cell where you want your drop down menu active,
open the data validation form (alt d l).
2. Within the Settings tab, select list from the dropdown menu.
3. Within the ‘Source:’ field, identify a contiguous cell range containing the data you want
to include in your dropdown, and hit OK and you should see your dropdown menu
appear (note: it only appears when you are on the active cell).
• Data tables allow us to examine a piece of output data – such as a company’s EPS – and how it
is impacted by changes in input variables such as revenues and gross margin assumptions.
• Often used for sensitivity analysis (i.e. EPS’s sensitivity to changes in gross profit margin) and
is used widely by analysts to illustrate a range of possible output values.
1. Referenced output variable from your analysis into the bottom left corner of the data table.
2. Input the input assumptions in the row above and one cell to the right of the output reference.
3. Highlight the entire range (including the output variable) and hit (alt d t); the Data Table
dialog will appear.
• Row input cell: Reference the input variable from the model.
• Same as vertical data table, but allows for 2 inputs instead of one.
• Output variable must be referenced from the model into the top left corner of the data table.
Mathematical
& Financial
Functions
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Excel Crash Course > Mathematical & Financial Functions
SUMPRODUCT
• We now turn to some of the most frequently used and beneficial mathematical functions in
Excel. Like the reference and lookup functions, the usefulness of these functions really
becomes apparent when combining with other Excel functionality.
• A lesser know feature of SUMPRODUCT is the ability to embed criteria directly into the arrays.
• Before we can use that, we first need to understand how Excel really deals with arguments
that evaluate to TRUE or FALSE (Booleans).
Booleans in Excel
• When Excel spits out a TRUE or FALSE (see below), you can convert
them respectively into 1 or 0 by applying any operator on them:
• A lesser know feature of SUMPRODUCT is the ability to embed criteria directly into the arrays.
• For example, we can directly calculate proceeds on options that have an exercise price less
than the share price so you no longer need to calculate option proceeds for each tranche:
• We have 2 criteria – the options # and the exercise price per tranche, which is multiplied
against a TRUE or FALSE criteria for each exercise tranche.
• Tranche 1 evaluates to TRUE, so Excel multiplies the TRUE by the Tranche 1 exercise price,
and then by the # of options.
• Tranche 2 & 3 evaluate to FALSE, and become 0 when multiplied by the exercise prices.
SUMIF
• =SUMIF(range, criteria, sum range) adds the cells specified by a given criteria.
• Criteria can either be hardcoded which requires quotation marks as you see below, or a direct
cell reference (which would not need quotes around it).
SUMIFs
• ABS
• CEILING
• FLOOR
• COMBIN
• ROUND
• ROUNDUP
• ROUNDDOWN
MIN and MAX functions are used frequently in financial analysis. A classic use in financial
modeling is to use a max function to prevent a revolving credit line balance from dipping below 0
when there is a cash shortfall.
• COUNT =COUNT(value1, value2, … ) counts the number of cells that contain numbers within
the list of arguments. Cells with text are disregarded.
• COUNTA - same as COUNT except cells with numbers and text are counted.
• COUNTIF =COUNTIF(range, criteria) counts the number of items in the range that satisfy a
specific criteria - similar to the SUMIF function.
• COUNTIFS =COUNTIF(range1, criteria1, range2, critera2) allows for multiple criteria - similar
to the SUMIFS function.
Drill – PV function
Drill – FV function
• Returns the future value of an investment based on constant payment and interest rate.
• NPV performs equal discounting on each cash flow – this is not desirable when the timing of
cash flows is uneven.
• XNPV Syntax =XNPV(rate, values, dates) returns the net present value for a set of cash flows
that do not necessarily occur at equal time intervals.
• Unlike NPV, the first cash flow is not discounted, while dates of subsequent cash flows can be
included in the formula in any order.
IRR
Text Functions
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Excel Crash Course > Text Functions
Text functions
• For professionals that have to work extracting data from large inconsistent and poorly
formatted data sets, text functions can be absolutely critical.
• Excel 2013 has introduced a real improvement to working with large data sets in the form of
Flash Fill (Ctrl e).
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Excel Crash Course > Making Good Use of the Indirect Function
Sorting, Filters
& Pivot Tables
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Excel Crash Course > Sorting, Filters, and Pivot Tables
Excel has very powerful sorting and filtering capabilities that make working with large data sets
more manageable. We will start by covering Excel’s sort and subtotal functionality.
• Highlight the entire table or have the cursor in one of the cells in the table.
• Hit alt d s (Data Tab -> Sort) to bring up the ‘Sort’ menu.
• You can choose to sort various columns by value, cell color, or font color, and in ascending or
descending order. In this drill, please sort by LTM revenue in ascending order.
• You can sort multiple levels, so if you wanted to sort by industry first and then by revenue
within each industry, you just need to click ‘add level.’
Drill – Autofiltering
Drill – Autofiltering
Pivot Tables
• The Pivot Table should automatically show the 4 property type column headers and a Grand
Total column as illustrated.
1. Drag the ‘Region’ field below REIT in ROWS see how each
REIT performs by region.
• To see counts of properties by REIT and Region instead of sum of all their property values, all
you need to do is change the Value Field Settings of the field in VALUES .
• The Field Settings enables you to show outputs in a variety of different ways.
• The Value Field Settings also has a “Show Values As” tab, which enables you to present the
VALUES in a variety of useful ways.
• In this illustration we present property values for each REIT and Region as a % of the total.
• Another very useful “Show values as” output is ‘running totals’, for when the data table is
presenting tiered data.
• Prior to 2010, a challenge was capturing distinct counts of duplicate items presented in large
data sets. To illustrate, say we wanted to identify the distinct count of invoices by manufacturer
so that Toyota’s sedan invoice #234 is only counted once.
• In Excel 2010 you could see counts (like in the prior screen) but not distinct counts.
• In Excel 2013 distinct counts have been added, to the elation of many.
Introduction to
VBA & Recording
Macros
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Excel Crash Course > Introduction to VBA and Recording Macros
• Frequent Excel use almost certainly entails The sky is the limit
repeating many tasks. For example, you might • Excel also enables users with no
find yourself setting up print ranges in a programming knowledge to write
particular way, or formatting cells in a particular Macros using Excel’s intuitive
macro recorder, which essentially
way. watches what you do visually in
Excel and converts it into a
• Rather than repeatedly going through the same programming script.
series of steps to do this manually, Excel allows • Of course, having a computer
you to record a sequence of instructions, and programming background can
assign a keyboard shortcut to invoke them as definitely help to power charge
desired. The instructions are called macros. your macros because Excel
enables you to write these
Macros using programming
scripts
• The goal of this brief treatment of
macros is to introduce you to the
macro recorder and give you just
a sliver for vast capabilities of
using macros in Excel.
• Before we begin, make sure that you see the Developer tab in the ribbon
• If you want your macro to run every time you use Excel,
select Personal Macro Workbook instead of ‘This
Workbook’.
Creating Dynamic
Headers, Custom
Formatting & the
TEXT Function
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Licensed to Max Clarke. Email address: clarkemax@gmail.com
Excel Crash Course > Creating Dynamic Headers, Custom Formatting & the TEXT Function
Miscellaneous tips
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