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The Corporate Finance Institute ExcelWe get the result below:Things to remember about the INDEX Function1. #VALUE! error – Occurs when any of the given row_num, col_num orarea_num arguments are non-numeric.2. #REF! error – Occurs due to either of the following reasons:• The given row_num argument is greater than the number of rows inthe given range;• The given [col_num] argument is greater than the number of columnsin the range provided; or• The given [area_num] argument is more than the number of areas inthe supplied range.3. VLOOKUP vs. INDEX function• Excel VLOOKUP is unable to look to its left, meaning that our lookupvalue should always reside in the left-most column of the lookup range.This is not the case with the INDEX and MATCH functions.• VLOOKUP formulas get broken or return incorrect results when a newcolumn is deleted from or added to a lookup table. With INDEX andMATCH, we can delete or insert new columns in your lookup tablewithout distorting the results.Click here to download the sample Excel filecorporatefinanceinstitute.com140
The Corporate Finance Institute ExcelMATCHGet the position of an item in anarraylookup_value lookup_array match_typeWhat is the MATCH Function?The MATCH function is categorized under Lookup and Reference functions. Itlooks up a value in an array and returns the position of the value within thearray. For example, if we wish to match the value 5 in the range A1:A4, whichcontains values 1,5,3,8, the function will return 2 as 5 is the second item in therange.In financial analysis, we can use the MATCH function along with other functionsto look up and return the sum of values in a column. It is commonly used withthe INDEX function. Learn how to combine INDEX MATCH as a powerful lookupcombination.Formula=MATCH(lookup_value, lookup_array, [match_type])The MATCH formula uses the following arguments:1. Lookup_value (required argument) – It is the value that we want to lookup.2. Lookup_array (required argument) – It is the data array that is to besearched.3. Match_type (optional argument) – It can be set to 1, 0 or -1 to returnresults as given below:Match_type Behavior1 or omitted When the function cannot find an exact match, it will returnthe position of the closest match below the lookup_value. (Ifthis option is used, the lookup_array must be in ascendingorder).0 When the function cannot find an exact match, it will returnan error. (If this option is used, the lookup_array does notneed to be ordered).-1 When the function cannot find an exact match, it will returnthe position of the closest match above the lookup_value. (Ifthis option is used, the lookup_array must be in descendingorder).How to use the MATCH Function in Excel?To understand the uses of the MATCH function, let’s consider a few examples:corporatefinanceinstitute.com141
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