Excel Formulas

Cheat Sheet
Intermediate Guide
 Intermediate
Math Formulas

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 Our Beginner Cheat Sheet covered the most common beginner math functions
such as the SUM function. Intermediate users should become familiar with these
more complex functions:

ABS() returns the absolute value of a number.

SQRT() returns the square root of a number
RAND() provides a random number between 0 and 1

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 CONDITIONAL LOGIC
Intermediate users should also know how to perform math calculations based on multiple
conditions using these functions:

SUMIFS(sum_range, criteria_range1, criteria1, [….])

COUNTIFS(criteria_range1, criteria1, [criteria_range2, criteria2], ...)
AVERAGEIFS(criteria_range1, criteria1, [criteria_range2, criteria2], ...)

The functions evaluate the criteria provided and produce a logical value of TRUE or FALSE.

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 Aside from basic functions like MIN and MAX, Excel has a wider range of statistical
formulas for intermediate users. Here are some of the most useful:

MINA COUNTA
MAXA COUNTIF

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 MINA AND MAXA
The more commonly used MIN and MAX functions ignore text values.

The alternative MINA and MAXA functions consider both text and
numbers when looking for the highest or lowest values. Text values
are evaluated as if they were zero.

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 COUNTA AND COUNTIF
The COUNTA function is used to count the number of non-empty
cells in a range.

The COUNTIF function is less specific in that is used to count the

number of cells within a range that meet a specific condition or
criteria.

You can also use these functions to count the number of distinct
values in a column. This video shows how to do so.

Youtube link

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 Excel Formulas For
Financial Analysis

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 There are several formulas you will want to use when performing
financial analysis such as forecasting investments:

PRODUCT(number1, [number2…])
QUOTIENT(numerator, denominator)
LOG(number, [base])

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 PRODUCT FUNCTION
Suppose you want to calculate the future value of an initial investment of $1,000 (cell B1) at
an annual interest rate of 4% (cell B2) after five years (cell B3).

Use the PRODUCT function to calculate the future value with this formula:

=B1 * PRODUCT(1 + B2)^B3

This formula will return the future value of your investment.

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 QUOTIENT AND LOG FUNCTIONS
The next step is to calculate how many years it will take for an investment to double in
value at the given interest rate.

Use the QUOTIENT function in combination with the LOG function to calculate this as
follows:

=QUOTIENT(LOG(2) / LOG(1 + B2), 1)

This formula will return 17 with the sample data, indicating that it will take 17 years for the
investment to double in value at an annual interest rate of 4%.

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 3 FUNCTIONS FOR INVESTMENT SCENARIOS
These are some functions that are suitable for specific financial scenarios. One of them may be exactly
what you need:

NPV ACCRINT INTRATE PMT IRR YIELD

The NPV (Net Present Value) function will calculate the net present value of an
investment based on a series of future cash flows based on a discount rate.

The ACCRINT function calculates the accrued interest of a security that pays periodic
interest. This is useful for determining the interest earned on a security since the last
payment date up to a given settlement date.

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 The INTRATE function calculates the interest rate for a fully invested security.

The PMT function calculates the total payment on a debt security.

The IRR function provides the internal rate of a return.

The YIELD function provides the yield of a security based on interest rate, face
value, and maturity.

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 Intermediate Excel Date
and Time Formulas

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 The basic date and time functions in Excel include the NOW and TODAY functions for the
current date. Intermediate users should also know how to extract components from a
given date using:

DAY(date) MONTH(date) YEAR(date)

The formula =MONTH(“23 April 2023) will return a result of 4 for the 4th month. Similarly,
the DAY and YEAR functions will return 23 and 2023 respectively.

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 INTERMEDIATE MONTH FUNCTIONS
Intermediate users will sometimes deal with adding or subtracting months to a
date and finding the end of a month.

EDATE(start_date, number_of_months)
EOMONTH(start_date, number_of_months)
For example, the formula =EDATE("23 April 2023", 2) will calculate the date two months later.
The formula =EOMONTH(23 April 2023", 2) calculates the end of the month two months later.
The result is "30 June 2023", which takes into account that there are only thirty days in June. If
you specify 3 months, the result will be "31 July 2023".

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 INTERMEDIATE WEEK FUNCTIONS
You can use a combination of the SUM and WEEKDAY functions to count the number of
whole workdays within a range of dates.

The WEEKDAY function returns the day of the week for a given date. The second parameter
determines the numbering system with the default being Sunday to Saturday.
If you have a series of dates in a cell range of B1:B40, use this formula to calculate the
workdays:

=SUM(--(WEEKDAY(B1:B40,2)>5))

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 INTERMEDIATE WEEK FUNCTIONS
The YEARFRAC function calculates the fraction of a year between two dates.
The TIMEVALUE function is used to convert a time represented as text into a decimal
number representing the proportion of a 24-hour day.
The result is an Excel serial number where 1 represents a full 24-hour day, 0.5 represents
12 hours, 0.25 represents 6 hours, and so on.
Suppose you have a time in text format "17:45" in cell Al and you want to convert it into a
decimal number. This is the formula:

=SUM(--(WEEKDAY(B1:B40,2)>5))

The value 0.74 represents the proportion of the 24-hour day that has passed by at the
time of fifteen minutes before six o'clock.
Take to to change the time cell from a time format to a text format. You may want to
format this as a percentage to be clearer.

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 Excel Functions For Conditional
And Logical Algebra

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 Conditional and logical functions are essential for decision-making in
Excel. The following functions can be combined with the more basic
Excel formulas for powerful logic:

IF(condition, value_if_true, value_if_false)

AND(condition), condition2, ...)
OR (condition, condition2, ...)
NOT(condition, condition2, ...)
The IF function evaluates a condition and returns different values depending
on whether the condition is true or false.
The AND, OR, and NOT functions check which conditions are true and let you
make decisions accordingly.

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 IF FUNCTION
The IF function in Excel checks a condition and returns one result if it's TRUE, and another if
it's FALSE.
Syntax:

=IF(logical_test, value_if_true, value_if_false)

For example, =IF(A1>=60, "Pass", "Fail") checks if the score in cell A1 is at least 60. If it is, it
displays "Pass", otherwise it displays "Fail".

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 AND FUNCTION
The AND function in Excel checks multiple conditions and returns TRUE if all conditions are
met, otherwise it returns FALSE.

=AND(condition1, condition2, ...)

For example, =AND(A1>3, A2<20) checks if the value in A1 is greater than 3 and if the value in
A2 is less than 20. If both are true, it returns TRUE; otherwise, it returns FALSE.

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 NOT FUNCTION
The NOT function in Excel reverses a logical value or condition. It returns FALSE if the input is
TRUE, and vice versa.

=NOT(logical_expression)

For example, =NOT(A1) will return FALSE if the value in cell A1 is TRUE, and TRUE if the
value is FALSE.

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 Referencing Cells

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 A beginner will quickly become familiar with using absolute and relative
references such as $A$1 or B2. Intermediate users should become familiar
with using indirect references, indexes, and offsets:

INDIRECT(ref_text)
INDEX(range, row_num, column_num)
OFFSET(reference_cell, rows, columns)

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 INDIRECT FUNCTION
The INDIRECT function returns the value of the specified cell reference entered as text. To
reference cell B3, use this formula:

=INDIRECT(“B3”)

The advantage over using simple cell references is that this function gives you a
dynamic reference. This means that Excel automatically updates the reference when
the structure of the spreadsheet changes e.g. a row is deleted.

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 INDEX FUNCTION
The INDEX function is used to reference cells within a specified range based on row and
column numbers.

To reference cell B3 in a table of six rows, use this formula:

=INDEX(B1:B6, 3)

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 OFFSET FUNCTION
The OFFSET function returns a cell or range that is a specified number of rows and columns
away from a reference cell.

If you want to display the cell value that is two cells across and one cell down from A1, use
this formula:

=OFFSET(A1, 2, 1)

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 Intermediate
Text Formulas

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 Beginners should know text functions like LEFT, which extracts one or more
characters from the left side of a string. A power user should be familiar
with functions like these:

TEXTJOIN(delimiter, ignore_empty, text1, [text2, ...])

REPLACE(old_text, start_num, num_chars, new_text)
OFFSET(reference_cell, rows, columns)

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 TEXTJOIN FUNCTION
The TEXTJOIN function concatenates cells with the delimiter that you provide. You can also
specify where to ignore blank cells.

To produce a comma-delimited list of some items in column A, use this formula:

=TEXTJOIN(", ", TRUE, A2:A4)

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 SUBSTITUTE FUNCTION
The substitute function replaces specified occurrences of a text string within another text
string with a new text string.

To replace occurrences of the word “Jeans” with “Leggings”, use this formula:

=SUBSTITUTE(A3, “Jeans”, “Leggings”)

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 Intermediate
Lookup Formulas

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 Common lookup functions like VLOOKUP and MATCH are covered in the
beginner’s cheat sheet.
Intermediate users should get familiar with the CHOOSE lookup function:

CHOOSE(index_num, value1, [value2, ...])

The CHOOSE function returns a value from a list of values based on a
specified index number.
Suppose you have a column of t-shirt sizes labelled as 1, 2, or 3. You want to
display a category of small, medium, and large respectively in the same row.

Use this formula:

=CHOOSE(A1, "Small", "Medium", "Large")

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 Formulas For Handling
Microsoft Excel Errors

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 The beginner cheatsheet listed the typical error messages you will see when
working with Excel. Intermediate users should be able to use formulas to
handle the errors gracefully.

IFERROR(value, if_error)
IFNA(value, value_if_na)

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 IFERROR FUNCTION
Division by zero errors are common but Excel’s default display of #DIV/0! won’t
be clear to every user.

Use the IFERROR function to replace the standard error with “Cannot divide by
zero” with this formula:

=IFERROR(A1/B1, "Cannot divide by zero")

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 IFNA FUNCTION
The IFNA function in Excel is used to catch and handle #N/A errors.
Another section of this cheat sheet showed the CHOOSE function. This
function will return a N/A error if the index number is not an integer.
Suppose a t-shirt size has been entered as 1.5, with the user mistakenly
thinking that this will show a category somewhere between small and
medium. Instead, it will show a #N/A error.

To provide a more helpful error, use this formula:

=IFNA(CHOOSE(A2, "Low", "Medium", "High"), "Invalid index")

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 Formula And Function
Shortcuts

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 There are several keyboard shortcuts that can make you work more efficiently with your
worksheet.

F2: Edit the active cell and position the insertion point at the end of the cell contents.
F9:Calculate and display the result of the selected portion of a formula.
Ctrl + Shift + Enter: Enter an array formula.
Shift + F3: Open the Insert Function dialog box.
Esc: Cancel the entry of a formula and revert to the original cell contents.

Some of these Excel shortcuts might not be available in all languages or keyboard layouts.

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 Intermediate Cell
Formatting

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 In financial analysis, proper formatting for cells containing numbers, dates, and
currencies is crucial. To format cells, follow these steps:

1. Select the cells you want to format.

2. Right-click on the selected cells and choose "Format Cells."
3. Select the appropriate category (e.g., Number, Currency, Date) and apply the
desired format.

Some common formatting types to consider in finance include:

Currency: $1,234.56
Percentage: 12.34%
Accounting: ($1,234.00)
Date: 10-May-2023

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 Intermediate Cell
Formatting

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 As you become more comfortable with the various formulas and functions
highlighted in this cheat sheet, you'll find yourself better equipped to handle
increasingly complex tasks and projects.

Practice is key to mastering any skill, so don't be afraid to experiment with

these formulas in your day-to-day work. They will bring your expertise from
beginner level to intermediate level.

By consistently leveraging these intermediate-level functions, you'll not only

enhance your productivity but also unlock new insights and efficiencies in
your data analysis.

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