MASTER EXCEL

(THE ULTIMATE
FUNCTIONS GUIDE)

If you found this useful, follow me for more Mandar Patil

10 EXCEL FUNCTIONS
YOU SHOULD KNOW
www.fmworldcup.com

1. =SUMIFS() 2. =IFERROR() 3. =XIRR()

SUMIFS function adds all of its arguments that meet Use IFERROR function to format your financial Internal rate of return metric is needed to find
multiple criteria. For example, you would use models. The function checks for errors and out the annual growth rate of an investment.
SUMIFS in your financial model to sum up the sales returns the value specified by the user if The higher the IRR, the better the investment
of (1) a specific employee (2) for a specific product. found. The function checks for the following (keeping all other factors the same, of course).
errors: #N/A, #VALUE!, #REF!, #DIV/0!, IRR is good for comparing different investment
#NUM!, #NAME? or #NULL!. opportunities.

Know your IFs, COUNTIFs, AVERAGEIFs and all other IFs too -
after all, financial modeling is just a series of IFs that could
happen in this world.

4. =XNPV() 5. =PMT() 6. =SLOPE() 7. =XLOOKUP

PMT function calculates the payment
Finance is money and we all for a loan based on constant If you’re into investment banking, Lookup functions are a must to
know that money today is payments and a constant interest at some point you’ll have to know for any modeler. They are
worth more than tomorrow. rate. You have to know the present calculate the Beta of a stock, which used to quickly and easily find data
Financial analysts oftentimes loan value, number of periods and means volatility. By using the in a table, for example, to find the
have to calculate the value of the interest rate. PMT, PPMT and SLOPE function in Excel, you’ll find amount sold by an employee, ID
an investment/company/ IPMT functions are needed to figure it easily by using the returns of the number, and thousands of other
project in today’s terms. out annuity loan repayments (e.g. stock and the comparative bench- things.
mortgage) mark index.

Unlike IRR and NPV, XIRR and XNPV functions

allow for payments at irregular intervals

8. =INDEX() & MATCH() 9. =EOMONTH() 10. =SEQUENCE

EOMONTH function finds the last day of the The SEQUENCE function allows you to
Sometimes, XLOOKUP won’t do the job, as it
month after you add a specific number of generate a list of sequential numbers in
can only compare one array with another one.
months to a date. It’s useful for calculating an array. SEQUENCE function works
Index and Match function combination can look
maturity dates or due dates that fall on the great if you need to generate a list of
up values in the whole table - it’s 2 Dimensional.
last day of the month. It also aids in setting up 10,000 numbers in a column.
your financial model.
100 EXCEL FUNCTIONS www.fmworldcup.com

MATH & TRIGONOMETRY STATISTICAL

ABS Returns the absolute value of a number. AGGREGATE Performs various aggregation functions on a range of data.

ACOS Returns the arccosine of a number.

AVERAGE Calculates the average of a range of numbers.

CHIDIST Returns the one-tailed probability of the chi-squared distribution.

COS Returns the cosine of an angle given in radians.

EVEN Rounds a number up to the nearest even integer.

COUNT Counts the number of cells containing numbers in a range.

EXP Returns e raised to the power of a given number.

COUNTBLANK Counts the number of blank cells within a range.

COUNTIFS Counts the number of cells that meet multiple criteria.

FACT Returns the factorial of a number.
DAVERAGE Returns the average of selected database entries.
FLOOR Rounds a number down to the nearest multiple of significance.

GAMMADIST Returns the gamma distribution. FREQUENCY Calculates the frequency distribution of data.

GCD Returns the greatest common divisor of two or more integers.

FDIST Returns the one-tailed F probability distribution.

HARMEAN Calculates the harmonic mean of a dataset.

LINEST Calculates statistics for a line by using the least squares method.

MAX Returns the largest value in a range of cells.

INT Rounds a number down to the nearest integer.

LN Returns the natural logarithm of a number. MEDIAN Calculates the median of a dataset.

LOG Returns the logarithm of a number to a specified base. MIN Returns the smallest value in a range of cells.

MDETERM Returns the matrix determinant of an array.

LOG10 Returns the base-10 logarithm of a number.

LET Defines variables and calculates a result based on given expressions.

NPV Returns the net present value of an investment based on a series of cash flows.

MOD Returns the remainder of a division operation. NPER Returns the number of periods for an investment based on periodic, constant payments and a constant
interest rate.
ODD Rounds a number up to the nearest odd integer.
QUOTIENT Returns the integer portion of a division operation.
PI Returns the mathematical constant π.
RANK Returns the rank of a number in a list of numbers.
POWER Raises a number to a specified power.
SLOPE Calculates the slope of the linear regression line through a given set of data points.
RADIANS Converts degrees to radians.
STDEV Estimates standard deviation based on a sample.
RAND Returns a random number between 0 and 1.
VAR Calculates the variance of a dataset.
SIGN Returns the sign of a number.
ZTEST Calculates the one-tailed probability-value of a Z-test.
SIN
LOGICAL
Returns the sine of an angle given in radians.

SQRT Returns the square root of a number.

AND Returns TRUE if all its arguments are TRUE.
TAN Returns the tangent of an angle given in radians.
IF Returns one value if a condition is true and another value if false.
TRUNC Truncates a number to a specified number of digits.
IFERROR Returns a value you specify if a formula evaluates to an error; otherwise, returns the result of the formula.

TEXT ISERR Checks if a value is an error other than #N/A.

ADDRESS Returns the cell address as text.

ISFORMULA Checks if a cell contains a formula.

ISNONTEXT Checks if a value is not text.

CONCAT Concatenates multiple text strings into one.
ISNUMBER Checks if a value is a number.
CONCATENATEX Concatenates the result of an expression evaluated for each row in a table.
NOT Reverses the logical value of a statement.
LEFT Extracts a specified number of characters from the left side of a text string.
OR Returns TRUE if any argument is TRUE.
LEN Returns the number of characters in a text string.
XOR Returns TRUE if one argument is TRUE and the other is FALSE.
REPLACE Replaces part of a text string with another text string.

RIGHT Extracts a specified number of characters from the right side of a text string. LOOKUP AND REFERENCE
SEARCH Finds one text string within another and returns the starting position. INDEX Returns the value of a cell in a specified row and column.

MATCH Searches for a value in a range and returns its relative position.
SUBSTITUTE Replaces existing text with new text in a text string.
OFFSET Returns a reference offset from a starting cell.
TEXT Formats a number as text using a specified format.
VLOOKUP Searches for a value and returns a corresponding result from a specified column.
UPPER Converts text to uppercase.
HLOOKUP Searches for a value and returns a value in the same column from a specified row.
VALUE Converts a text string that represents a number to a number.
XLOOKUP Searches for a value and returns a result from another range or array.

DATE AND TIME FINANCIAL

DATE Returns the serial number of a date. PMT Calculates the payment for a loan based on constant payments and a constant interest rate.

XNPV Returns the net present value for cash flows at irregular intervals.
DAY Extracts the day portion of a date.
NPV Returns the net present value of an investment based on a series of cash flows.
DAYS Calculates the number of days between two dates.
RATE Calculates the interest rate per period of an annuity.
HOUR Extracts the hour portion of a time.
IRR Calculates the internal rate of return for a series of cash flows that occur at regular intervals.
MINUTE Extracts the minute portion of a time.

MONTH Extracts the month portion of a date. ARRAY

NOW Returns the current date and time. SEQUENCE Generates a sequence of numbers in an array.

SECOND Extracts the second portion of a time. UNIQUE Returns unique values from a range or array.

TIME Returns the serial number of a specific time. ERROR HANDLING

TODAY Returns the current date. ERROR.TYPE Returns a number corresponding to the type of error value.

IFERROR Returns a value you specify if a formula evaluates to an error; otherwise, returns the result of the formula.
WEEKDAY Returns the day of the week as a number.

YEAR Extracts the year portion of a date. CUSTOM FUNCTIONS

LAMBDA Defines a custom function in Excel.
YEARFRAC Returns the fraction of the year represented by the number of whole days between
two dates.
LET Defines variables and calculates a result based on given expressions.
 EXCEL FUNCTIONS PYRAMID
www.fmworldcup.com

FM

WC FM
5. Expert

WC
4. Power User

3. Advanced

WC
FM
LET,
2. Intermediate LAMBDA,
ï Users demonstrate a
Array Formulas,
1. Basics mastery of Excel that
FILTER, SORT,
extends beyond formulas
Power Query, VBA

ï Users at this level have

a strong command over OFFSET, TRANSPOSE,
data manipulation SEQUENCE, UNIQUE, TEXTSPLIT,
and analysis.
XIRR, XNPV

ï Users can perform

IFERROR, INDIRECT/ADDRESS, data analysis with
SUMIFS, COUNTIFS, INDEX/MATCH, greater precision
ï Users at this XLOOKUP, SUMPRODUCT and flexibility.
level are
comfortable
working with
data from VLOOKUP, HLOOKUP,
different
angles. CONCATENATE, COUNTIF, SUMIF, EOMONTH

SUM, AVERAGE, COUNT, IF, ROUND, MIN, MAX

ï Fundamental for any Excel user, forms the basis

for more complex calculations.
XLOOKUP G U I D E www.fmworldcup.com

The XLOOKUP function in Excel is a powerful and versatile tool for searching a
range, returning corresponding values, and handling various lookup scenarios.

• XLOOKUP Function Syntax

• Arguments

a) lookup_value: The value you want to find in the lookup_array.

b) lookup_array: The range of cells containing possible lookup values.

c) return_array: The range of cells containing the values to be returned.

d) [if_not_found]: Optional. Specifies the value to return if the

lookup_value is not found. If omitted, #N/A is returned.

e) [match_mode]: Optional. Specifies the type of match: 0 for an exact

match, -1 for less than, and 1 for greater than.

f) [search_mode]: Optional. Specifies the search mode: 1 for first to

last, 2 for last to first, and 3 for a binary search.

• Examples

1. Basic XLOOKUP

Searches for lookup_value in the range A2:A10 and returns

the corresponding value from B2:B10.
XLOOKUP G U I D E www.fmworldcup.com

• Examples

2. Handling not found

Returns "Not Found" if the lookup_value is not found in the

specified range.

3. Approximate Match

Performs an exact match lookup. Use 1 for greater than

or -1 for less than.

4. Reverse Lookup

Searches for lookup_value in the range B2:B10 and returns

the corresponding value from A2:A10.

5. Handling Errors

Uses IFERROR to handle errors and return a custom message

for not found values.
XLOOKUP G U I D E www.fmworldcup.com

• Examples

6. Binary Search

Performs a binary search for faster results (requires sorted data).

• Tips

1. Wildcard Characters:

• Use wildcard characters like * and ? in lookup_value

for partial matches.

2. Array Mode:

• XLOOKUP supports array mode, allowing you to

handle multiple lookup values at once.

3. Dynamic Arrays:

• XLOOKUP automatically spills results into adjacent

cells for dynamic array functionality.

4. Error Handling:

• Use IFERROR or other error-handling functions to

manage situations where values are not found.
 VLOOKUP VS XLOOKUP FMWC
www.fmworldcup.com

Stands for Vertical Lookup. It's a function used A newer function introduced in Excel that stands for
to search for a value in the first column of a Extended Lookup. It's designed to overcome some
range and return a value in the same row from Definition limitations of VLOOKUP and offers more flexibility
another column. and capabilities.

VLOOKUP(lookup_value, table_array, XLOOKUP(lookup_value, lookup_array, return_array,

Syntax [if_not_found], [match_mode], [search_mode])
col_index_num, [range_lookup])

Searches for a value in the leftmost column of More versatile and can perform lookups in any direction
a table and returns a value in the same row Functionality (horizontal or vertical). It also allows for approximate
from a column you specify. and exact matches without sorting data.

Supports four search modes: exact match, exact

Supports only approximate match (TRUE) Lookup match with wildcard characters, approximate match,
or exact match (FALSE). Mode and the ability to return the last matching item.

Requires specifying the column index number Column Automatically returns values based on their
where the return value is located. Indexing position in the lookup and return arrays, eliminating
the need for a separate column index number.

May return errors if the lookup value is not found Allows for customizable error handling with the
or if the table is not sorted (for approximate Handling [if_not_found] parameter, providing more control over
matches). Errors error messages.

Available in older versions of Excel and widely Available in Excel 365 and Excel 2021, so compatibility
used in legacy spreadsheets. Compatibility may be limited to newer versions unless using the
XLOOKUP function backport.

Known to be slower, especially with large

Generally faster and more efficient, especially for
datasets, due to its limitations and the need Performance
unsorted data and complex lookup scenarios.
for sorted data.

Suitable for simple vertical lookups where data Ideal for more complex lookup scenarios, unsorted
is sorted and the lookup value is in the leftmost Use Cases data, and when flexibility and efficiency are
column. paramount.

Retrieve the name of the employee with ID "1003"

This formula searches for the value This formula searches for the value
"1003" in column B, returns the corre- "1003" in the range B2:B5 (lookup_array),
and returns the corresponding value from
sponding value from column C (the Example the range C2:C5 (return_array). XLOOKUP
second column of the range B2:C5), and
uses an exact match (FALSE). automatically performs an exact match.
XLOOKUP VS FILTER www.fmworldcup.com

XLOOKUP is used to search a

FILTER is used to return a filtered
range or an array and return an
version of the data array, where the
item corresponding to the first
match it finds. It can replace Purpose criteria match. It helps in
extracting data that meets
VLOOKUP, HLOOKUP, and
specified conditions.
INDEX/MATCH functions.

XLOOKUP(lookup_value,
lookup_array, return_array, FILTER(array, include,
[if_not_found], Syntax [if_empty])
[match_mode],
[search_mode])

ï Flexible Lookup Direction: Can search from ï Dynamic Arrays: Returns dynamic arrays that

Key
top-to-bottom or bottom-to-top. automatically spill over to adjacent cells.
ï Exact Match by Default: Searches for an exact ï Multiple Conditions: Supports filtering based on
multiple criteria.
Features
match unless specified otherwise.
ï Error Handling: Allows specifying a custom ï Error Handling: Allows specifying a custom
message if the lookup value is not found. message if no data meets the criteria.
ï Multiple Lookup Values: Can search for ï Versatile: Can be used to filter data both
multiple values at once. horizontally and vertically.

=XLOOKUP("Apple", A2:A10, =FILTER(A2:C10, B2:B10="Yes",

B2:B10, "Not Found") "No Data")
This searches for "Apple" in the range A2 and
Example This filters the range A2 and returns rows where the
returns the corresponding value from B2. value in column B is "Yes".
If "Apple" is not found, it returns "Not Found". If no rows meet the criteria, it returns "No Data".

Ideal for situations where you Perfect for extracting subsets of

need to find a specific piece of data that meet certain conditions,
data in a table, such as looking up
a price of a product or an
Use Cases like filtering sales data to show
only transactions from a particular
employee’s department based on region or date range.
their ID.
SUMIFS CHEATSHEET FMWC
www.fmworldcup.com

SUMIFS is an Excel function designed for summing values based on multiple criteria. It
allows users to specify different conditions in various ranges, summing only the values that
meet all specified criteria. The syntax provides a sum range, multiple criteria ranges, and
their corresponding conditions.

SYNTAX

=SUMIFS(sum_range, criteria_range1, criteria1, [criteria_range2, criteria2], ...)

sum_range: The range of cells to sum.

criteria_range1: The range to apply the first condition.
criteria1: The condition to be met in criteria_range1.
[criteria_range2, criteria2]: Additional ranges and their respective conditions.

EXAMPLES

1. Basic SUMIFS 2. Multiple Conditions 3. Dynamic Date Range

Result: 300 - Sum of Values where

Result: $800 – Sum of Sales Result: $800 - Sum of Revenue where
Category is B, Type is Y, and Date is
where Product is A Region is South and Quarter is 2
within the last 30 days

Why SUMIFS instead of SUMIF?

SUMIFS SUMIF
Allows for multiple criteria ranges. Only accommodates a single criteria range.
More versatile with multiple conditions. Suitable for simple, single-condition sums.
Supports AND logic for criteria. Operates on OR logic for multiple criteria.
Criteria columns are independent. Single criteria column is used for summing.

More flexible for complex conditions. Limited flexibility due to single criteria.
IF FUNCTION CHEATSHEET FMWC
www.fmworldcup.com

SYNTAX

logical_test: The condition you want to check.

value_if_true: The result if the condition is true.
value_if_false: The result if the condition is false.

COMMON USE CASES

BASIC IF NESTED IF

If the value in cell A1 is greater than 10, return "Yes"; otherwise, return "No" If the value in cell A1 is greater than 10, return "Yes"; otherwise, return "No"

ADVANCED OPTIONS
IF with OR IF with AND IF with ISBLANK

If A1 is greater than 10 or B1 is "Approved", return "Yes". If A1 is greater than 10 and B1 is "Approved", return "Yes". Check if A1 is blank.

ERROR HANDLING
BASIC IF NESTED IF

If the formula results in an error, display a custom error message. If the formula results in #N/A error, display a custom message.

TIPS AND TRICKS

Boolean Logic Text Values Date Comparison

Compare the date in cell A1 with the current date

Compare the value in cell A1 with the value in cell B1. Check if the value in cell A1 is equal to the text (TODAY()). If the date in A1 is in the future, it returns
If A1 is greater than B1, it returns the text "True"; "Apple." If true, it returns "Fruit"; otherwise, it returns "Future Date"; otherwise, it returns "Past Date." This is a
otherwise, it returns "False." This is useful for creating "Not a Fruit." This is handy for categorizing or labeling
logical conditions based on numerical comparisons. data based on specific text values. Checking Duplicates
common scenario for tracking and categorizing dates
based on their relationship to the current date.

Multiple Conditions Checking Duplicates

This nested IF formula classifies values in cells A1 and B1 into categories (High, Medium, Low) based on Identify duplicate values in a range. If the
multiple conditions. If A1 > 10 and B1 is "Approved," it's "High." If not, it checks if A1 > 5 and B1 is "Pending" for value is a duplicate, return “Duplicate”, if
"Medium." Otherwise, it's "Low." Useful for tiered classification. not, then “Unique”.

REMEMBER
Always Balance Parentheses: Ensure that each opening parenthesis has a corresponding closing parenthesis.
Use Cell References: Whenever possible, refer to cell values to make the formula dynamic.
Test in Steps: Break down complex IF statements into simpler ones for easier troubleshooting.
XMATCH CHEATSHEET www.fmworldcup.com

1. Function Name XMATCH

2. Purpose The XMATCH function searches for a specified value in a range or array
and returns the relative position of the item found.

3. Function Name
4. Arguments lookup_value
The value you want to search for.
lookup_array
The range or array where the lookup value will be searched.
[match_mode] (optional)
Specifies the type of match. Default is 0 (exact match).
• 0 or omitted: Exact match.
• -1: Exact match or next smallest item.
• 1: Exact match or next largest item.

[search_mode] (optional)
Specifies the direction of the search. Default is 1 (search from top
to bottom or left to right).

• 1 or omitted: Search from top to bottom or left to right.

• -1: Search from bottom to top or right to left.

5. Return Value The position of the matched item relative to the lookup array.
Returns #N/A if no match is found.
6. Example
Searches for the value 42 in cells A1:A10 using an exact match (match_-
mode = 0) and searches from top to bottom (search_mode = 1).

The value returned is 5 indicating the row in which the number is located.

7. Notes • XMATCH is a newer version of the MATCH function in Excel, introduced in Excel 2019
and Excel for Microsoft 365.
• It offers more flexibility than the MATCH function by allowing for approximate matching
and specifying the search direction.
• XMATCH can handle both vertical and horizontal lookup arrays.

8. Tips • Use XMATCH for advanced lookup scenarios where you need more control over the
matching criteria and search direction.
• Experiment with different match modes and search modes to tailor the function to your
specific requirements.
• Combine XMATCH with other functions like INDEX and IFERROR for more powerful
lookup formulas.
INDEX /MATCH CHEATSHEET FMWC
www.fmworldcup.com

DEFINITION
Index/Match is a combination of two functions in Excel used to look up values in a table.

PURPOSE
Index/Match is a combination of two functions in Excel used to look up values in a table.

INDEX FUNCTION MATCH FUNCTION

Syntax Syntax
Returns the value of a cell in a table based on the Searches for a specified value in a range and returns
Purpose row and column number. Purpose its relative position.

Extracts data from a specified row and column in Finds the position of a lookup value within a
Usage a table. Usage range.

If you have a data table with sales figures and want When you need to find the position of a customer's
Example to retrieve a specific value based on its row and Example name in a list to retrieve their corresponding sales
column position, you can use the Index function. data, you can use the Match function.

INDEX/MATCH COMBINATION
Purpose Combines the Index and Match functions to perform flexible and dynamic lookups in Excel.

Overcomes the limitations of VLOOKUP, such as the inability to search to the left of the lookup column and the requirement for exact
Advantages matches.

Usage By nesting the Match function within the Index function, you can perform lookup operations that are not possible with VLOOKUP.

When you need to perform a two-way lookup to retrieve data based on both row and column criteria, Index/Match is the preferred
Example method.

USEFUL TIPS
1. Using Index/Match for Flexible Lookups 2. Avoiding Errors with Match 3. Combining Index/Match with Other Functions 4. Using Exact Match

Unlike VLOOKUP, Index/Match allows you to MATCH function can return errors if the Index/Match can be combined with other By default, MATCH performs approximate
perform lookups in any column, not just the lookup value is not found in the search array. Excel functions to perform more complex matches. To ensure an exact match, use the
leftmost one. This flexibility is useful when To handle this, use error handling functions calculations or manipulations. For example, third argument of MATCH function and set it to
your lookup value doesn't reside in the first like IFERROR or ISERROR to display custom you can use it with IF function to perform 0 (zero). This tells Excel to find an exact match
column of your table or when you want to messages or perform alternative actions conditional lookups or with SUM function to for the lookup value.
return values from columns to the right of when errors occur. sum values returned by the Index/Match
your lookup column. formula.

5. Understanding Array Formulas 6. Dynamic Ranges with Index/Match 3. Enhancing Performance 8. Using Index/Match with Wildcards

Index/Match can be used within array You can make your Index/Match formulas To improve the performance of your Index/ Index/Match can be combined with wildcard
formulas to perform calculations across dynamic by using functions like OFFSET, Match formulas, minimize the use of volatile characters like asterisks (*) or question marks
multiple cells or ranges. When using Index/ INDIRECT, or dynamic named ranges. This functions and unnecessary calculations. (?) to perform partial matches or pattern-based
Match in array formulas, remember to press allows your formulas to adjust automatically Additionally, try to limit the size of your lookups. This is helpful when you need to
Ctrl + Shift + Enter instead of just Enter to as your data changes or expands. lookup arrays to only include the necessary search for values that match a specific pattern
properly enter the formula as an array data. or contain certain substrings within larger text
formula. strings.

EXAMPLES
1. Basic Index/Match 2. Multi-column Index/Match 3. Advanced Index/Match

Returns 1890, sales figure for Product

Returns "B", Alice's grade Returns 5000, the highest revenue
B in the South region
2.
5 EXCEL FEATURES
YOU SHOULD KNOW
www.fmworldcup.com

Follow Financial Modeling World Cup on LinkedIn

5 EXCEL FEATURES YOU SHOULD
KNOW
www.fmworldcup.com

Example
1. DATA TABLE 1. Write down input data such as Interest rate, number of periods, and starting amount if
you want to see how your savings amount would change under different scenarios
A great tool for your what-if analysis. A range of cells in which you can change
values in some of the cells and come up with different answers to a problem. 2. Calculate the savings amount from the initial input data

3. Insert additional testable input data - changes in interest rate, starting amount.
Instructions
How to create it?

4. Row input cell - interest rate from initial

1. Write down input data
input data; Column input cell - starting
2. Calculate the value you want to find out
amount from initial input data
3. Write down additional input data you want to test
4. Go to Data -> What-If Analysis -> Data Table 5. By changing the initial input data, your

5. Put in row and column input cell that corressponds to the layout you have created in step #3 and press OK data table will update too!

Example
2. PIVOT TABLE
1. Store order history with customed ID, product ID, product price and
A PivotTable is a powerful tool to calculate, summarize, and analyze data that lets product category
you see comparisons, patterns, and trends in your data.
2. Choose the table from step 1
Instructions
How to create it?

3. Look at the total sales and count of products bought by product

1. Have an Excel table with data categories. Choose columns, Rows, Filters, Values – everything is
2. Go to Insert -> PivotTable and choose a table or a range you want to analyze customizable and you can play with the report!
3. Choose fields to summarize the data by
4. Go to PivotTable Analyze or Design tabs to customize the Pivot Table 4. Add a slicer, insert timeline, add subtotals and other things

Example
3. DATA VALIDATION
1. On your input data Excel sheet, create a cell where users will be
Use data validation to restrict the type of data or the values that users enter into a able to choose between different store locations
cell. One of the most common data validation uses is to create a drop-down list.
2. Offer to choose from a list of store locations such
Instructions as “USA, Spain, UK, Australia, Japan, Germany”
How to create it?

1. Select the cell you want to create a drop-down list in

3. “Select Store Location”
2. Select Data -> Data Validation
3. Choose what will the users be able to choose (numbers, dates, time, custom text, etc.)
4. Link profit and loss statements to geographical location
4. Create Input Message so that users know what they are choosing
of the stores from the dropdown by using “IF” statements
5. Link other data in your model to this dropdown list, so that values update automatically

Example
4. POWER QUERY 1. Pull in data from a different Excel file that contains participant names and stage points

Power Query (known as Get & Transform in Excel) is a great tool for minimizing 2. Clean Data - remove unneeded columns, assign data types, rename columns for better understanding, etc.

repetitive daily tasks. You can import or connect to external data and then shape 3. Pull in another data
this data. For example, remove a column, change a data type, or merge tables in source on the background of
ways that meet your needs. Then, you can load your query into Excel to create the participants - country,

charts and reports. company, age group, etc.

Append Queries.
Instructions
How to create it?

4. Load the appended

1. Connect to Data: Go to Data -> Get Data query into the Excel file.
2. Transform Data: Do all kinds of changes to your data while the original dataset stays the same After each stage, add
3. Combine Data: Add other datasets and make connections between them to get more insights information on the points
4. Load Data: Load the transformed and combined data to your worksheet and enjoy the clean dataset and refresh dataset.

Example
5. GROUP DATA
1. Level 1 – for top level
If you have a list of data you want to group and summarize, you can create an management, Level 3 or 4
outline of up to eight levels. Very important for financial models to switch between – for accountant in-depth

different levels of data complexity. Group data instead of hiding rows/columns! data review

Instructions
How to create it?

1. Select rows/columns to group

2. Go to Data -> Group -> Group
3. Group again, if you want to go into more detail
4. Press “-” to collapse the groups
3.
EXCEL
SHORTCUTS
www.fmworldcup.com

Follow Financial Modeling World Cup on LinkedIn

EXCEL SHORTCUTS
CHEATSHEET
FMWC

www.fmworldcup.com

GENERAL NAVIGATION WORKBOOK

Ctrl P Print Alt PgDn One screen right Shift F11 New worksheet
Ctrl S Save Workbook Alt PgUp One screen left Ctrl PgDn Next worksheet
Ctrl C Copy PgUp One screen up Ctrl PgUp Previous worksheet
Ctrl X Cut PgDn One screen down F6 Next pane
Ctrl V Paste Ctrl Right edge of data region
Shift F6 Previous pane
Ctrl Z Undo Ctrl Tab Next workbook
Ctrl Left edge of data region
Ctrl Y Redo Ctrl Shift Tab Previous workbook
Home Beginning of row
Ctrl E Flash Fill Ctrl F9 Minimize workbook
Ctrl End Last cell
Ctrl K Insert Hyperlink Ctrl F10 Maximize workbook
Ctrl Home First cell
Ctrl N New workbook Ctrl F6 Switch Between Open
Ctrl Tab Switch Worksheets
Ctrl O Open workbook Workbooks
Alt U , V Toggle Full Screen
F11 Chart in new worksheet
F4 Repeat
Ctrl W Close workbook
Alt F4 Close Excel

FORMATTING FORMATTING DATA ANALYSIS

Alt H A C Align center Ctrl : Insert Current Time
Alt D , T Data Table
Alt H A L Align left Ctrl B Bold
Alt A , S , G Goal Seek
Alt T I Solver Add-in
Alt H A R Align right Ctrl I Italic ,
Alt H F G Increase font size Alt A B Subtotal Function
Ctrl U Underline ,
Alt H F K Decrease font size Ctrl Shift C Format Painter Alt
, L Consolidate Data
Ctrl Shift $ Currency Format Ctrl + Insert Rows/Columns Ctrl Q Autofill Right
Ctrl Shift % Percentage Format Ctrl - Delete Rows/Columns Alt A
, C Remove Filter
Ctrl Shift ^ Scientific Nb Format Ctrl 1 Format Cells Dialog Box
Ctrl Shift # Date Format Ctrl D Autofill Down
Ctrl Shift @ Time Format Ctrl R Autofill Right
Ctrl Shift ! Number Format Ctrl Shift 7 Apply Cell Borders
Ctrl ; Insert Current Date Ctrl Shift _ Remove Borders
4.
12 EXCEL
MISTAKES TO AVOID
www.fmworldcup.com

Follow Financial Modeling World Cup on LinkedIn

12 EXCEL MISTAKES TO AVOID
www.fmworldcup.com

1. Not using the correct data 2. Not using error-checking

3. Not using data validation
format functions

Data validation is a powerful tool that

It’s important to use the correct Excel has several built-in can help you ensure that data entered
data type for each column in error-checking functions, such into your spreadsheet meets certain
your spreadsheet, such as text, as IFERROR, that can help you criteria. For example, you can use
number, or date. Incorrect data avoid common errors and data validation to restrict the type of
types can result in unexpected provide more informative error data that can be entered into a cell, or
errors and formatting issues. messages. to limit the range of acceptable
values.

4. Not using conditional

5. Not using keyboard shortcuts 6. Not using named ranges
formatting

Keyboard shortcuts can save you a Named ranges make it easier to

Conditional formatting is a reference cells and ranges in your
great way to highlight cells that lot of time when working with
Excel. For example, you can use the formulas and macros. By using
meet certain criteria, such as named ranges, you can make your
cells that contain values that Shift+Spacebar shortcut to select
the row, Ctrl +- (plus minus) to formulas more readable and easier to
are above or below a certain understand. It also speeds up your
threshold. delete the row, and Ctrl+Shift+”+”
to add a row. work. Important when competing in
Excel Esports!

7. Not regularly saving your 8. Incorrect use of absolute and

9. Not keeping data clean
work relative cell references

Failing to save your work Misunderstanding the difference Failing to remove duplicates,
frequently can result in loss of between absolute ($A$1) and handle missing values, and
data if Excel crashes or if there is relative (A1) cell references can ensure consistency can result
a power outage. Use the lead to errors in your formulas, in inaccurate analysis and
autosave feature and frequently especially when copying them reporting. Regularly clean and
press Ctrl+S to save your across multiple cells. validate your data to maintain
progress. its integrity.

11. Not leveraging advanced 12. Relying too heavily on

10. Overcomplicating formulas
features manual data entry

Using overly complex formulas can Features like Power Query, Power Manual data entry is prone to errors
make your spreadsheet difficult to Pivot, and Macros can significantly and is time-consuming. Use data
understand and maintain. Break enhance your productivity and data import features, data connections,
down complex formulas into handling capabilities. Ignoring and automation to minimize manual
smaller, manageable parts or use these advanced features can limit entry and improve accuracy.
helper columns. your efficiency.
5.
10 COMMON
EXCEL ERRORS
www.fmworldcup.com

Follow Financial Modeling World Cup on LinkedIn

COMMON EXCEL ERRORS FMWC
www.fmworldcup.com

#DIV/0! #VALUE!
Occurs when a formula attempts to divide a number by zero or an Occurs when a formula has the wrong type of argument or operand.
empty cell.
HOW TO SOLVE?
HOW TO SOLVE?
Check the divisor in your formula to ensure it’s not zero or blank. Ensure all cells referenced in the formula contain the correct data type.
Use IFERROR or IF to handle the potential division by zero. Use TEXT or VALUE functions to convert data types if necessary.

#NAME? #REF!
Occurs when Excel doesn’t recognize text in a formula.
Occurs when a reference is invalid.
HOW TO SOLVE?
Check for typos in function names and named ranges. HOW TO SOLVE?
Enclose text strings in quotes.
Update the formula to use the correct cell references.
Use UNDO (Ctrl+Z) if you’ve accidentally deleted cells.

#N/A #NUM!
Occurs when a value is not available to a function or formula. Occurs when there is a problem with a number in a formula or function.
HOW TO SOLVE? HOW TO SOLVE?

Check the lookup value and the source range for correct references. Verify the numeric arguments in the formula.
Ensure data consistency in lookup operations. Adjust the formula to fit within Excel’s numeric limits.

#NULL! #SPILL!
Occurs when you use an intersection of two ranges that don’t
intersect. Occurs when a formula returns multiple results, but Excel can’t display
them all.
HOW TO SOLVE?
Use correct range references and ensure the intended ranges HOW TO SOLVE?
intersect.
Clear the obstructing data or move the formula to a new location.
Check the intended range for sufficient empty cells.

#CALC! ######
Occurs when Excel encounters a calculation error. Occurs when the cell isn’t wide enough to display the content.

HOW TO SOLVE? HOW TO SOLVE?

Check the entire array formula for accuracy. Increase the column width.
Correct any issues in the source data. Use text wrapping or adjust the cell formatting.
6.
10 REASONS WHY
EXCEL IS THE BEST
SPREADSHEETS TOOLS
www.fmworldcup.com

Follow Financial Modeling World Cup on LinkedIn

7.
EXCEL
ALPHABET
www.fmworldcup.com

Follow Financial Modeling World Cup on LinkedIn

 EXCEL ALPHABET FMWC
www.fmworldcup.com

A
AutoSum
b
Borders
c
Conditional Formatting
d
Data Validation
A quick way to sum a range of cells, Lines you can add to the edges of cells to A feature that changes the appearance A feature that controls the type of data
usually located on the Home tab. improve readability and organization. of cells based on specified conditions. or values that can be entered in a cell.

e
Excel Table
f
Filter
g
Goal Seek HLOOKUP
h
A collection of data organized in rows A function that searches for a value in the
A tool that allows you to display only A what-if analysis tool that finds the input
and columns, with features like sorting, top row of a table and returns a value in
the rows that meet certain criteria. values needed to achieve a specific goal.
filtering, and automatic formatting. the same column from a specified row.

i
IF Function
j
Justify
k
Keyboard Shortcuts
l
Legend
A logical function that returns one value
if a condition is true and another value if Aligns text to distribute it evenly across Key combinations that perform specific A key that explains the symbols, colors,
it is false. the width of a cell or range. commands more quickly. or patterns used in a chart.

m
Macro Named Range
n o
OFFSET
p
Pivot Table
A sequence of instructions that A defined name for a cell or range of Returns a reference to a range that is a A powerful tool for summarizing,
automates repetitive tasks, recorded cells, making it easier to reference in specified number of rows and columns analyzing, and exploring data in a
and run in Excel. formulas. from a starting cell or range. worksheet.

q
Quick Analysis
r
Relative Reference
s
Sparkline
t
Transpose
A tool that provides a fast way to
A cell reference that changes when a A small, simple chart within a cell that A feature that switches rows and
analyze data, offering options like
formula is copied to another cell. provides a visual representation of data. columns of a selected range of cells.
formatting, charts, and formulas.

u
UNIQUE VLOOKUP
v w
Watch Window
x
XLOOKUP
A function that searches for a value in the A tool that allows you to keep track of A function that searches a range or an
A function that returns a list of unique first column of a table and returns a value cells and their values as you work in array and returns an item corresponding
values from a range. in the same row from a specified column. different parts of your worksheet. to the first match it finds.

y
YEAR
z
Zoom Slider
Sign up for the next Excel Esports Battle!
MICROSOFT EXCEL
WORLD CHAMPIONSHIP
SEASON 2024
A tool at the bottom-right corner of the
A function that returns the year
corresponding to a given date.
Excel window that allows you to quickly BATTLE 5 May 30 4:30 PM London time
zoom in or out of the worksheet.
8.
MASTERING
LARGE DATA SETS
www.fmworldcup.com

Follow Financial Modeling World Cup on LinkedIn

MASTERING LARGE S E T S DATA

A Guide on How to Analyze Over 1 Million Entries in Excel

www.fmworldcup.com

1. Build an Emergency Fund:

a. Importing Data

i. Utilize Excel's import data features for large datasets.

ii. Use the Power Query Editor to clean and transform

data during the import process.

b. Data Cleaning and Formatting

i. Identify and handle missing or erroneous data.

ii. Format columns appropriately (text, date, numeric) for accurate analysis.

2. Optimizing Excel Performance

a. Data Model and PivotTables

i. Create a data model to optimize memory usage.

ii. Utilize PivotTables for dynamic and faster analysis.

b. Filtering and Sorting

i. Use Excel's advanced filtering options for specific data extraction.

ii. Sort data to make patterns and trends more apparent.

MASTERING LARGE S E T S DATA

A Guide on How to Analyze Over 1 Million Entries in Excel

www.fmworldcup.com

3. Formulas and Functions

a. Array Formulas
!".+'()
i. Master array formulas to perform calculations efficiently. !"#$%
!+,-$'(
)
&#'()
!$#*'(
ii. Apply array functions such as SUMIFS, AVERAGEIFS, )

and COUNTIFS.

b. Use of INDEX and MATCH

i. Replace VLOOKUP with INDEX and MATCH for faster and more
flexible lookups.

ii. Leverage OFFSET and INDIRECT functions for dynamic referencing.

4. Utilizing Excel Add-Ins

a. Power Pivot

i. Integrate Power Pivot for enhanced data modeling and

analysis.

ii. Create relationships between tables to streamline com-

plex analyses.

b. Filtering and Sorting

i. Leverage Power Query for data cleaning, transformation,

and merging queries.

ii. Automate repetitive tasks to save time and reduce errors.

MASTERING LARGE S E T S DATA

A Guide on How to Analyze Over 1 Million Entries in Excel

www.fmworldcup.com

5. Conditional Formatting and Visualization

a. Heat Maps and Color Scales

i. Apply conditional formatting to highlight trends and

anomalies. <=
=>
ii. Use color scales for a quick visual assessment of data
distribution.

b. Charts and Graphs

i. Create dynamic charts that update automatically with changes

in data.

ii. Opt for charts that represent the data comprehensively.

6. Data Sampling and Subsetting

a. Random Sampling

i. Randomly sample a subset of data for initial analysis.

ii. Ensure the subset is representative of the entire dataset.

b. Filtering Relevant Data

i. Identify and analyze specific segments of the data using filters.

ii. Focus on relevant subsets for targeted insights.

9.
GETTING STARTED
WITH PYTHON
IN EXCEL
www.fmworldcup.com

Follow Financial Modeling World Cup on LinkedIn

10.
HOW CHATGPT
CAN SIMPLIFY
EXCEL WORKFLOW?
www.fmworldcup.com

Follow Financial Modeling World Cup on LinkedIn

89:&/8;2012&/;<&=>?1!>@A
9BC&5D/5!&:9CE@!9:

!"#$%&'(')*+"&,-.&/,'#012&3'(&34"'#"&'(&563")&7'34-&

>(&'&4"3"(#&FGH"-I&563")&?J1&E"FG(&=#4'#F"4#&K%"%&/,'#012&#-&34"'#"&'(&563")
7'34-&#,'#&LK(3#G-(%&'%&'(&G(F-G3G(M&'NNI&K%G(M&3K%#-7"4&"7'G)&'HH4"%%"%&'(H&#,"
:;<(6:=9789(6=>(!.?8@./A
;BC(DE6D@(<;CF/@;<

!"#$%"&'()*+,*-(./(&01#2%3+(4",5(653,789

A02(G3)(3%+0(+"#$%"&'(401H(4",5()*+,*-(./(&01#2%3+(I'(2+")J
653,789(4",5(DKG*%L(!"#$%'(I'(,'$")J(")(,5*(-*+G1"$,"0)(0&
,5*($10I%*#M(653,789(4"%%(I1*3H(",(-04)("),0(+,*$+
3)-($10N"-*(,5*(DKG*%(&01#2%3()*G*++31'L
!"#$%!&'()'$%&*$+,-).,/0
"12$34%3.$#"25/."#

%67$%869()'$:;<9=$3>?=@$)A:=;$BC=;D$?AE=FG

0=FH$<9$?67I$&@@$DAC$7==E$9A$EA$<F$9DJ=$<7$6$?AKK67EH$LA;$=>6KJ@=M$N#;<9=$67$3>?=@
)A:=;$BC=;D$-$?AE=$9A$6JJ=7E$F8==9O$L;AK$:A;PQAAPO$67E$F8==9R$L;AK$:A;PQAAPR
67E$;=KAS=$ECJ@<?69=F$L;AK$?A@CK7$T$67E$%869()'$:<@@$?AK=$Q6?P$:<98$67$=>6KJ@=
AL$6$)A:=;$BC=;D$-$?AE=$9869$?67$Q=$CF=EI$&@FAH$%869()'$U<S=F$6$E=96<@=E
=>J@6769<A7$6QAC9$98=$)A:=;$BC=;D$-$?AE=I$'8=7H$VCF9$?AJD$67E$J6F9=
98=$?AE=$67E$DACW;=$UAAE$9A$UAI
IJK)1I!4234)1!L)AMN35MOP
JQR)?S1?5)KJRTO5JK

!"#$%&'"()*+,-).'/0)10#/234

56/7,),#%)%89)"66:)/8);'":),8<6)-6=%),>6+';'+)'";8=<#/'8")/0#/7,)$8+#/6:
'")#")?@+6$),066/*)40',)',)#"8/06=)+#,6).06")9,'"()10#/234)+89$:),#-6)%89
,8<6)/'<6*)?@>8=/)%89=)?@+6$),066/)#,)#)1AB);'$6*)18>%)#":)>#,/6),8<6
8;)/06):#/#)'"/8)10#/234)C9";8=/9"#/6$%)'/7,)"8/)>8,,'D$6)/8)+8>%)#":)>#,/6)/06
.08$6)/0'"()#,)/06=67,),/'$$),8<6)+8"/6"/)$'<'/#/'8",)/8).0#/)10#/234)+#"):'(6,/E*
10#/234).'$$)6@>$#'")/06):#/#)#":)"8.)%89)+#"),/#=/)#,F'"()G96,/'8",)/8
06$>)$8+#/6),>6+';'+)'";8=<#/'8")/0#/)%89)"66:*)10#/234)+#"),9++6,,;9$$%
$8+#/6)#":),08.)%89)/06)'";8=<#/'8")%89)#=6)$88F'"();8=H)>8,,'D$%),#-'"()%89
/'<6)#":)#)06#:#+06):8'"()/06),#<6).'/0)?@+6$*

?-6")/089(0)10#/234)',),9>6=)>8.6=;9$)#":)9,6;9$)U)/06):#/#)8=),8$9/'8",
'/)>=8-':6,)+#"),8<6/'<6,)D6)'"#++9=#/6*)K6)#:-',6)%89)/8))#$.#%,
:89D$6V+06+F)#":),66)';)/06)#",.6=,)>=8-':6:)#=6)+8==6+/
C#":):8"7/)=6$%)8")10#/234);8=)6-6=%/0'"()W9,/)%6/X
11.
HISTORY OF
MICROSOFT EXCEL
www.fmworldcup.com

Follow Financial Modeling World Cup on LinkedIn

HISTORY OF MICROSOFT EXCEL

1982
Microsoft launched Multiplan, a spreadsheet program, a competitor to
Lotus 1-2-3.

1985
Birthday of Microsoft Excel on Mac

1987
Excel 2.0: Birthday of Microsoft Excel on Windows

1990
Excel 3.0 Included toolbars, drawing capabilities, outlining, add-in support,
3D charts, and many more new features

1992
Excel .0 Introduced auto-fill. Also, an easter egg in Excel .0 reveals a hidden
animation of a dancing set of numbers 1 through 3, representing Lotus 1-2-3,
which is then crushed by an Excel logo.

1993
Excel 5.0: Introduction of isual asic for Applications ( A), taking Excel to
unprecedented levels of functionality

1997
Excel 7: Introduced the Office Assistant ( lippy) and included
improvements to A.

www.fmworldcup.com
HISTORY OF MICROSOFT EXCEL

1999
Excel 2000: Introduced the Clipboard feature, allowing users to interact
with and use multiple objects simultaneously.

2002
Excel XP (Part of office XP): Featured a new task pane, improved data
validation, and added the AutoRecover function for better data
protection.

2003
Excel 2003: Introduction of the List feature (precursor to Tables), which
enabled easier data management, and improvements to data analysis tools.

2007
Excel 2007: Introduced the Ribbon interface, named variables, and Open
Office XML file formats.

2010
Excel 2010: Introduced Power Query (add-in), enabling users to work with
larger datasets, as well as Excel Web App and mobile version for Windows 7.

2013
Excel 2013: New start screen, 50 new functions, Flash Fill tool,
recommended charts, and three new chart tools; design, layout,
and format.

www.fmworldcup.com
HISTORY OF MICROSOFT EXCEL

2016
Excel 2016: Added the Ink Replay button, Shared with Me feature, and
integration with Power BI for advanced analytics.

2017
Office 3 5 including Excel 3 5 version introduced which had all updates
automatically incorporated once they are released.

2018
The release of Excel 2019 introduced new functions like CONCAT and
TEXTJOIN, improved the Power Query Editor with M Intellisense, and
added new data visualization options such as funnel charts and
map charts. Introduction of the ynamic Arrays for Office 3 5 users.

2021
Excel 2021, new functions introduced: LAM A LET to define
your own formulas.

2022
Release of additional dynamic array function kit (MAP, LAMBDA, SCAN, etc.)

2023
IMAGE function released, waiting: Microsoft Copilot for Excel (aka Clippy AI?)

www.fmworldcup.com
Want to Learn more
about Data
Analytics Free?
Do Join the Community
Channel Link is in the Bio and
Comments section

FOLLOW MANDAR PATIL FOR

MORE DATA ANALYTICS TIPS!

Mandar Patil