Microsoft Excel is a tool that we have all been familiar with since our school days. Initially, it was used to run simple calculations but later it was being used for more advanced functions, the initial data analysis tool. In the last decade, data analytics has reached every industrial sector. With such varied use of data analytics, a variety of tools came to be used, which had put MS Excel in the back burner. But recently analysts and data scientists have started using the advanced feature of the Microsoft excel for data analytics.
Companies are turning to advanced excel features o filter through huge amounts of data, and it allows them to perform advanced calculations, data analysis and data representation and is much easier to learn than other analytical tools. If you want to be part of this growing trend then join any of the reputable institutions offering a course in advanced excel training.
What is meant by advanced skills on Excel?
Most of us are aware on how to normally work on MS Excel, and can run simple arithmetic formulas. But when it is used by professionals as an analytical tool, some of the advanced skills that you should have in your repertoire are:
- Advanced formulas
- Data tables and simulations
- Visualisation of data with help of advanced charting
- VBA & Macros
- Conditional formatting
- Data analysis-filtering, sorting and analyzing data.
- Pivot tables
- What-if analysis
- Mouse free navigation in Excel.
A course of advanced excel training can help you hone these skills.
Important formulas that you would need to know
The advanced features of MS Excel are used on a regular basis by analysts. The financial experts spend a lot of their working on spreadsheets than any other industrial sectors. These experienced professionals have jotted down some of the commonly used and extremely integral formulas:
- Index match- it is used as an alternative to VLOOKUP, which has several drawbacks
- IF combined with AND/OR- financial model formulas can be extremely cumbersome and lengthy but with this the formulas become much easier to implement and understand.
- OFFSET combined with Sum or Average- it is an extremely sophisticated formula that allows you to create a dynamic function instead of a static function that is obtained by just using the SUM formula.
- CHOOSE function
- XNPV and XIRR- for calculating cash flows with reference to time period, these formulas will be a lifesaver and help you obtain your results much faster.
- SUMIF and COUNTIF
There are several more such formulas which are used time and again to obtain results from a wide range of variables. To learn and be able to incorporate each formulae in real life scenario, you need to have a course in advanced excel training.
How is using advanced excel features beneficial?
by having in-depth understanding of excel features you become extremely beneficial to your potential and current employers. using these advanced features organisations are able to save lot of time in analysing data, as time is of great essence in the current market scenario.