Excel for Financial Analysis

Excel is an essential tool for financial analysts, offering a wide range of formulas that streamline data analysis and decision-making processes. In this post, we provide a comprehensive guide to all Excel formulas, complete with examples and official documentation. Whether you’re a beginner or an experienced professional, this resource will help you harness the full potential of Excel in your financial analysis.

To start with, here’s a comprehensive list of Excel shortcuts for both Windows and Mac:

General Program Shortcuts:

• New Workbook
  • Windows: Ctrl + N
  • Mac: Command (⌘) + N
• Open Workbook
  • Windows: Ctrl + O
  • Mac: Command (⌘) + O
• Save Workbook
  • Windows: Ctrl + S
  • Mac: Command (⌘) + S
• Save As
  • Windows: F12
  • Mac: Command (⌘) + Shift + S
• Print
  • Windows: Ctrl + P
  • Mac: Command (⌘) + P
• Close Workbook
  • Windows: Ctrl + F4
  • Mac: Command (⌘) + W
• Close Excel
  • Windows: Alt + F4
  • Mac: Command (⌘) + Q
• Undo
  • Windows: Ctrl + Z
  • Mac: Command (⌘) + Z
• Redo
  • Windows: Ctrl + Y
  • Mac: Command (⌘) + Y or Command (⌘) + Shift + Z
• Find
  • Windows: Ctrl + F
  • Mac: Command (⌘) + F
• Replace
  • Windows: Ctrl + H
  • Mac: Command (⌘) + Shift + H
• Go To
  • Windows: Ctrl + G or F5
  • Mac: Command (⌘) + G
• Select All
  • Windows: Ctrl + A
  • Mac: Command (⌘) + A
• Copy
  • Windows: Ctrl + C
  • Mac: Command (⌘) + C
• Cut
  • Windows: Ctrl + X
  • Mac: Command (⌘) + X
• Paste
  • Windows: Ctrl + V
  • Mac: Command (⌘) + V
• Paste Special
  • Windows: Ctrl + Alt + V
  • Mac: Command (⌘) + Control + V
• Toggle Filters
  • Windows: Ctrl + Shift + L
  • Mac: Command (⌘) + Shift + F
• Open Format Cells Dialog
  • Windows: Ctrl + 1
  • Mac: Command (⌘) + 1
• Bold
  • Windows: Ctrl + B
  • Mac: Command (⌘) + B
• Italic
  • Windows: Ctrl + I
  • Mac: Command (⌘) + I
• Underline
  • Windows: Ctrl + U
  • Mac: Command (⌘) + U
• Strikethrough
  • Windows: Ctrl + 5
  • Mac: Command (⌘) + Shift + X
• Activate the Ribbon Keys
  • Windows: Alt
  • Mac: Option

Navigation:

• Move One Cell
  • Windows: Arrow Keys
  • Mac: Arrow Keys
• Move One Cell to the Right
  • Windows: Tab
  • Mac: Tab
• Move One Cell to the Left
  • Windows: Shift + Tab
  • Mac: Shift + Tab
• Move to the Edge of Data Region
  • Windows: Ctrl + Arrow Keys
  • Mac: Command (⌘) + Arrow Keys
• Move to Beginning of Worksheet
  • Windows: Ctrl + Home
  • Mac: Command (⌘) + Home
• Move to Last Cell with Data
  • Windows: Ctrl + End
  • Mac: Command (⌘) + End
• Move One Screen Up/Down
  • Windows: Page Up/Page Down
  • Mac: Fn + Up Arrow/Fn + Down Arrow
• Move One Screen to the Right/Left
  • Windows: Alt + Page Down/Page Up
  • Mac: Option + Fn + Right Arrow/Option + Fn + Left Arrow
• Move to Next Worksheet
  • Windows: Ctrl + Page Down
  • Mac: Command (⌘) + Page Down
• Move to Previous Worksheet
  • Windows: Ctrl + Page Up
  • Mac: Command (⌘) + Page Up

Data and Formatting:

• Insert Current Date
  • Windows: Ctrl + ;
  • Mac: Control + ;
• Insert Current Time
  • Windows: Ctrl + Shift + :
  • Mac: Control + Shift + :
• Apply Currency Format
  • Windows: Ctrl + Shift + $
  • Mac: Command (⌘) + Shift + $
• Apply Percentage Format
  • Windows: Ctrl + Shift + %
  • Mac: Command (⌘) + Shift + %
• Apply Date Format
  • Windows: Ctrl + Shift + #
  • Mac: Command (⌘) + Shift + #
• Apply Time Format
  • Windows: Ctrl + Shift + @
  • Mac: Command (⌘) + Shift + @
• Apply Number Format
  • Windows: Ctrl + Shift + !
  • Mac: Command (⌘) + Shift + 1
• Apply Exponential Format
  • Windows: Ctrl + Shift + ^
  • Mac: Command (⌘) + Shift + 6
• Start a New Line in the Same Cell
  • Windows: Alt + Enter
  • Mac: Control + Option + Return
• Insert Hyperlink
  • Windows: Ctrl + K
  • Mac: Command (⌘) + K
• Insert New Cells
  • Windows: Ctrl + Shift + +
  • Mac: Command (⌘) + Shift + =
• Delete Selected Cells
  • Windows: Ctrl + –
  • Mac: Command (⌘) + –
• Hide Selected Rows
  • Windows: Ctrl + 9
  • Mac: Command (⌘) + 9
• Unhide Hidden Rows
  • Windows: Ctrl + Shift + 9
  • Mac: Command (⌘) + Shift + 9
• Hide Selected Columns
  • Windows: Ctrl + 0
  • Mac: Command (⌘) + 0
• Unhide Hidden Columns
  • Windows: Ctrl + Shift + 0
  • Mac: Command (⌘) + Shift + 0

Formulas:

• AutoSum
  • Windows: Alt + =
  • Mac: Command (⌘) + Shift + T
• Insert Function
  • Windows: Shift + F3
  • Mac: Shift + F3
• Enter an Array Formula
  • Windows: Ctrl + Shift + Enter
  • Mac: Command (⌘) + Shift + Return
• Toggle Formulas Display
  • Windows: Ctrl + `
  • Mac: Command (⌘) + `

Editing:

• Edit Active Cell
  • Windows: F2
  • Mac: Control + U
• Extend Selection by One Cell
  • Windows: Shift + Arrow Keys
  • Mac: Shift + Arrow Keys
• Extend Selection to Last Non-blank Cell
  • Windows: Ctrl + Shift + Arrow Keys
  • Mac: Command (⌘) + Shift + Arrow Keys
• Select Entire Row
  • Windows: Shift + Space
  • Mac: Shift + Space
• Select Entire Column
  • Windows: Ctrl + Space
  • Mac: Command (⌘) + Space
• Select Entire Worksheet
  • Windows: Ctrl + Shift + Space
  • Mac: Command (⌘) + Shift + Space

Miscellaneous:

• Spell Check
  • Windows: F7
  • Mac: Command (⌘) + Shift + Y
• Create a Chart from Selected Data
  • Windows: F11
  • Mac: Fn + F11
• Create an Embedded Chart from Selected Data
  • Windows: Alt + F1
  • Mac: Option + F1
• Create a Table
  • Windows: Ctrl + T
  • Mac: Command (⌘) + T
• Fill Down
  • Windows: Ctrl + D
  • Mac: Command (⌘) + D
• Fill Right
  • Windows: Ctrl + R
  • Mac: Command (⌘) + R

This list should help you navigate and use Excel efficiently on both Windows and Mac platforms.

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Becoming a pro Excel user involves more than just mastering formulas. Here are several advanced topics and features that will help you become an expert:

1. Data Visualization:

• Charts and Graphs: Learn how to create and customize various charts (e.g., bar, line, pie, scatter, histogram).
• Pivot Charts: Use pivot charts for dynamic data visualization linked to pivot tables.
• Conditional Formatting: Highlight data based on specific criteria using colors, icons, and data bars.

2. Data Management:

• Pivot Tables: Summarize, analyze, explore, and present your data efficiently.
• Data Validation: Control the type of data or values that users enter into a cell.
• Data Cleaning: Use functions like TRIM, CLEAN, and text-to-columns to clean and prepare your data.

3. Advanced Functions:

• Array Formulas: Perform multiple calculations on one or more sets of values using a single formula.
• Lookup Functions: Master VLOOKUP, HLOOKUP, INDEX, MATCH, and XLOOKUP.
• Logical Functions: Use IF, AND, OR, IFERROR, IFS, etc., for conditional calculations.

4. Automation:

• Macros: Record and write VBA (Visual Basic for Applications) macros to automate repetitive tasks.
• Power Query: Extract, transform, and load (ETL) data from various sources.

5. Collaboration and Integration:

• Share and Collaborate: Use Excel’s sharing and collaboration features, including co-authoring and comments.
• Integration with Other Tools: Learn how to integrate Excel with other Microsoft Office tools (e.g., PowerPoint, Word) and third-party applications (e.g., SQL databases, APIs).

6. Advanced Analysis:

• Solver: Perform what-if analysis to find an optimal value for a formula in one cell.
• Data Tables: Use one-variable and two-variable data tables for sensitivity analysis.
• Scenarios: Create and manage different groups of values to analyze various scenarios.
• Power Pivot: Manage large datasets and create complex data models.

7. Excel Add-ins:

• Power BI: Connect Excel to Power BI for enhanced data visualization and business intelligence.
• Other Add-ins: Explore and install add-ins from the Office Store to extend Excel’s functionality.

8. Keyboard Shortcuts and Efficiency:

• Custom Shortcuts: Create your own shortcuts for frequently used actions.
• Navigation Shortcuts: Use shortcuts to navigate quickly within and between worksheets.

9. Formatting and Customization:

• Custom Number Formats: Create custom formats for displaying numbers, dates, and times.
• Themes and Styles: Apply and customize themes, cell styles, and table styles.
• Sparklines: Add tiny charts inside cells to show trends.

10. Security and Protection:

• Password Protection: Protect workbooks and worksheets with passwords.
• Data Encryption: Encrypt your workbook to protect sensitive information.
• Workbook and Worksheet Protection: Lock cells, ranges, and worksheets to prevent unauthorized changes.

11. Dynamic Arrays (Excel 365/2019 and later):

• Dynamic Array Functions: Use functions like SORT, UNIQUE, FILTER, SEQUENCE, RANDARRAY, etc., to create dynamic, spillable formulas.

12. Excel Online and Mobile:

• Excel for Web and Mobile Devices: Learn how to use Excel on different platforms for accessibility and collaboration.

By mastering these advanced features and topics, you’ll significantly enhance your Excel skills and become a pro user capable of tackling complex tasks and analyses.

Check Excel functions (alphabetical) here.