Excel functions

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Index
Page #
If 4-7
Sum functions 8-13
Count functions 14-20
Lookup functions 21-33
Index & Match 34-40
Average & Averageif 41-44
Iferror 45-48
Text functions 49-57
Choose 58-63
Goal Seek 64-68
Data tables 69-74
Pivot tables 75-82

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If

3
IF

1
1 2 3
If tests to see whether a certain
condition is true or false…
2
…the Excel user selects as a second
argument of the function the value to
be displayed if the condition is TRUE

3
…the Excel user selects as a third
argument of the function the value to
be displayed if the condition is FALSE

4
IF

Above we have the following:

1) The condition is that D4 is “Yes”, which is True
2) The formula should display the value in F4 when True
3) The formula should display 0 when the condition is False

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IF

Copying the function for the cells below, we obtain the

value of points earned when a team played in the
Champions League and 0 when it didn’t play

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SUM Functions: Sum, Sumif & Sumifs

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SUM

‘Sum’ adds all the numbers in a given range of cells

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SUMIF

1 2 3

Sumif adds the numbers in a given cell range if a

condition is satisfied

In the example that we have to the left we see that

the function has 3 arguments
1
“Range” contains the cells that will be evaluated
2
“Criteria” is the condition to be satisfied by the cells
in the range
3
“Sum range” is the range with sells to be summed,
when the condition is satisfied

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SUMIF

In the function to the left we have the following:

1) The first argument is the range C4:C12 – countries
of origin

The second argument is C18 – Italy. It is the criterion

that will be applied to the range. The function will
sum the cells in the Sum range (3rd argument) only
when it finds “Italy”

The sum range is from E4 to E12. The Sumif function

sums the number of games played only for teams
from Italy

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SUMIFS

1 2 3 4 5

Sumifs adds the numbers in a given cell range if

multiple conditions are satisfied

The function has n arguments

1
The first argument is the “Sum range”. These are the
cells to be summed if the conditions are satisfied

2
“Criteria range 1” contains the first range with cells
that will be evaluated

3
“Criteria 1” is the condition to be satisfied by the
cells in “Criteria range 1”

4
“Criteria range 2” contains the second range with
cells that will be evaluated

5
“Criteria 2” is the condition to be satisfied by the
cells in “Criteria range 2”

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SUMIFS

In the function to the left we have the following:

1) The first argument is the sum range F4:F12 –
points earned

The second argument is “Criteria range 1” C4:C12

– Countries of origin

The third argument is C16 – “England”. It is the

criterion that will be applied to the first range

The fourth argument is “Criteria range 2” D4:D12

– Champions league participation

The fifth argument is D16 – “Yes”. It is the

criterion that will be applied to the second range

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COUNT Functions: Count, Counta,
Countif, Countifs

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COUNT

COUNT counts the number of cells in a range that

contain numbers

The function has only 1 argument – the range of

cells to be counted

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COUNTA

COUNTA counts the number of cells in a range that

contain text

The function has only 1 argument – the range of

cells to be counted

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COUNTIF

1 2

COUNTIF counts the number of cells

within a range which satisfy a given
condition

The function has 2 arguments

1
The first argument is the range to be
counted

2
The second argument is the condition
that needs to be satisfied in order to
count the cells

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COUNTIF

1 2

1
We would like to count how many
teams earned more than 60
points. Therefore we select the
range containing the number of
points earned F4:F12

2
The condition that needs to be
satisfied is that a team earned
more than 60 points
Six teams earned more than
60 points

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COUNTIFS

1 2 3 4

COUNTIFS counts the number of cells

within multiple ranges, which satisfy
multiple conditions

The function has n arguments

1
The first argument is the “Criteria range 1”.
The first range of cells that we would like
to be evaluated
2
“Criteria 1” is the condition to be satisfied
by the cells in “Criteria range 1”

3
“Criteria range 2” contains the second
range with cells that will be evaluated

4
“Criteria 2” is the condition to be satisfied
by the cells in “Criteria range 2”

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COUNTIFS

1 2 3 4

1
The first argument is the range indicating whether a team
played in the Champions league (“Yes” or “No”)

2
Then we have the condition that needs to be satisfied:
“Yes” as we want to count only the teams which
participated in the Champions league
3
The third argument is the range which contains the
number of points earned by each team
We would like to count the teams that satisfy two 19
conditions:
4
1) Participated in the Champions league (“Yes”) We want to count only teams that earned more than 60
2) Earned more than 60 Points points
Lookup Functions: Vlookup & HLOOKUP

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VLOOKUP

Use Vlookup in order to fill the table on the right

with data from the table on the left

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VLOOKUP

VLOOKUP looks for a value in the leftmost column of

a table, and then returns a value in the same row
from a column that you specify

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VLOOKUP

1 2 3 4

1
The first argument is the value that we need to find in
the leftmost column of the table
2
The second argument is the table where we will be
looking at
3
The third argument is the column from which we
would like to make an extraction
4
Fourth argument is a logical value; we indicate
whether we want the closest match (“TRUE”) or an
exact match (“FALSE”)
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VLOOKUP

2 1 An example makes things much easier:

1
Our lookup value is Lazio – H4. We would like to find
this value in the leftmost column of the table to the left

2
The second argument is the table with data : B4:F12.
The function will look for Lazio in the leftmost column of
the table - B4:B12

3
We select 2 as a column number, as we would like to
obtain a value from the second column of the table when
it finds a match for Lazio
4
The fourth argument is “FALSE” because we need an
exact match

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VLOOKUP

Lookup
value

The Lookup Value needs to be found

within the leftmost column of the table

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VLOOKUP

1 2 3 4 5

Once the lookup value has been found, we indicate which column we would like to
obtain as a result. In this case we have indicated the second column “Country”

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HLOOKUP

Use HLOOKUP in order to fill the table to the

right with data from the table to the left

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HLOOKUP

HLOOKUP looks for a value in the top row of a table,

and then returns a value in the same column from a
row that you specify

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HLOOKUP

1 2 3 4

1
The first argument is the value that we need to find in
the top row of the table
2
The second argument is the table where we will be looking at
3
The third argument is the row from which we would like to make
an extraction
4
Fourth argument is a logical value; we indicate whether we want
the closest match (“TRUE”) or an exact match (“FALSE”)

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HLOOKUP

1 2

1 2
The second argument is the table with data : B3:F7.
Our lookup value is Lazio – H4. We would like to find
The function will look for Milan in the top row of the
this value in the top row of the table to the left
table – B3:B7

3 4
We select 2 as a row number as we would like to The fourth argument is “FALSE” because we need an
obtain a value from the second row of the exact match
table when it finds a match for Milan

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HLOOKUP

The Lookup Value needs to be found in

the top row of the table

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HLOOKUP

1
2
3
4
5

Once the lookup value has been found, we indicate which row we would like to
obtain as a result. In this case we have indicated the second row (“Country”)

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Index & Match

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INDEX

Index is a function which returns a value from the

intersection of a row and column

The function has 3 arguments

1
The first argument is the array in which we would like
to make an extraction

2
The second argument is the row number within the
array

3
The third argument is the column number within the
array

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INDEX

1 2

1
2
3
4 Index finds the intersection between the 5th row and the
5
2nd column within the array B4:C12 and delivers its result

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MATCH

1 2 3 Match returns the relative position of an item

within an array

Match has 3 arguments

1
“Lookup value” is the value that you want to
find in order to obtain the number that you
are looking for

2
“Lookup array” is the array in which we will
look for the “lookup value”

3
The third argument is a logical value:
“0” for an exact match and “1” for
closest match

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INDEX & MATCH

Use Index & Match in order to fill the table to the

right with data from the table to the left

Index & Match is an effective substitute of Vlookup

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INDEX & MATCH

Index needs a row number

Match will deliver as an output the position of the lookup (column number is optional)
value Milan in the array B4:12. In this example it is 2. Then
Index will supply the 2nd value within the range C4:C12 - Italy Match is nested in the Index function in order to
provide the row number

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Average & Averageif

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AVERAGE

“Average” returns the arithmetic mean (the average)

of a range of numbers

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AVERAGEIF

Averageif calculates the average of the cells within a

given range if they satisfy a condition
1
“Range” contains the cells that will be
evaluated
2
“Criteria” is the condition to be
satisfied by the cells in the range
3
“Average range” is the range with sells
to be averaged when the condition is
satisfied

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AVERAGEIF

In the function to the left we have the

following:
1) The first argument is the range D4:D12 –
participation in Champions league (“Yes” or
“No”)

The second argument is “Yes”. It is the

criterion that will be applied to the range. The
function will provide the average of the cells
which satisfy the “Yes” condition

The “average range” is from F4 to F12. The

Averageif function averages the number of
points earned only for teams participating in
the Champions league

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Iferror

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IFERROR

1 2

Iferror tests to see whether a

cell contains an error

1
The first argument of the
function is an expression or
formula that needs to be tested
for an error

2
The second argument is the
value to be displayed when
there is an error in the first
argument

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IFERROR

Iferror tests whether there is

an error in the expression
that we have as a first
argument (F4 divided by F13).
There isn’t an error, therefore
it delivers the expression’s
result

45
IFERROR

Copying the function downwards we can see that when it

finds an error it displays “n.a”, as we wanted it to

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Text functions

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LEFT

Left returns a given number of characters from the

beginning of a text string

The function returns the first three characters

from the beginning of the text

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RIGHT

Right returns a given number of characters from the

end of a text string

The function returns the first three characters

from the end of the text

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MID

Mid returns a given number of characters from the

middle of a text string

The function has 3 arguments: text, starting number

and number of characters

The function returns seven characters starting

from the fourth character of the text

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UPPER

Upper converts a text to all uppercase letters

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LOWER

Lower converts a text to all lowercase letters

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PROPER

Proper converts a text to proper case. The first letter of each word is
an uppercase letter and the rest of the letters are lowercase

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& and CONCATENATE

& is able to join separate text strings in the same cell

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& and CONCATENATE

CONACATENATE is able to join separate text strings in

the same cell

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Choose

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CHOOSE

Choose is a very useful function for financial

modeling purposes. It allows users to build
scenarios for a given model

Choose is composed of 3 or more arguments

1

1
An index number which determines the value
that will be selected

2 Value 1 is the value which will be selected

when the index number is set at 1

1
2 3 Value 2 is the value which will be selected
3 when the index number is set at 2

Value n is the value which will be selected

n
when the index number is set at n

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CHOOSE

When the index number is 2 the function picks the

2nd range of values

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Max & Min

59
Max

Max finds the largest

value in a set of values

By using Max we were

able to find out that
the highest number of
points earned is 90

60
Min

Min finds the smallest value in

a set of values

By using Min we were able to

find out that the lowest
number of points earned is 27

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Goal seek

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GOAL SEEK

Goal Seek allows you to

obtain an input that would
result into a given level of
output

For example, we would like

to find how much will be
Variable costs in order to
obtain a Gross Margin of 17

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GOAL SEEK

We can find the Goal Seek function in the “Data” tab and
selecting “What if Analysis”

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GOAL SEEK

Set cell: We said that we would like

to obtain a Gross Margin of 17.
Therefore we need to set C6

To value: We will set C6 to 17

By changing cell: The cell that we

will change is C5, Variable costs

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GOAL SEEK

Here is the solution which Goal

Seek found: Variable costs
need to be -17, in order to
obtain a Gross Margin of 17

That was quite obvious, but

imagine a financial model with
many formulas interacting with
each other. Goal Seek can be
pretty useful in such situations

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Data tables

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DATA TABLES

In this sheet is calculated the amount, which will be due in 5

years for a financing of 1,000 that is received today

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DATA TABLES

What if we wanted to see how much will be repaid if the interest rate was
11% or 12%? What if the financing is repaid in three years instead of five?

In such situations we can use data tables. A data table would show us how
the final value would vary if we change one or two of its input parameters

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DATA TABLES

Go to “What if Analysis” and select Data Table..

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DATA TABLES

Select the two input parameters

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DATA TABLES

Here is the data table. It shows the amounts that have to be

repaid ,if the input parameters are different

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Pivot tables

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PIVOT TABLES

Pivot tables are Excel’s dynamic and interactive tables. The data that you see
on this sheet includes 15,000 rows and could be hard to elaborate. Pivot
tables are a great way to simplify the work with large quantities of data

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PIVOT TABLES

In order to create a Pivot table, select all of the

rows that you would like to include in it
(including the titles of the table)

Go to the “Insert” tab and select “Pivot table”

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PIVOT TABLES

In order to build the Pivot table that serves our needs we have to
select these fields and drag them to the boxes below

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PIVOT TABLES

We have to select what type of operation needs to

be carried out for given fields

In this example Excel counts the “Volume” cells. In

each of them we have the actual volume figures and
therefore we would like these cells to be summed

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PIVOT TABLES

Go to “Value field settings”…

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PIVOT TABLES

…and select “Sum”

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PIVOT TABLES

The Pivot table displays the Volumes per

each product category and for each of
the years

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