CFI-Excel-eBook

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The Corporate Finance Institute ExcelStep 4: Tell Excel what column to output the data fromIn this step, we need to tell Excel which column contains that data that we wantto have as an output from the VLOOKUP. In order to do this, Excel needs anumber that corresponds to the column number in the table.In our example, the output data is located in the 3rd column of the table, so weenter the number “3” in the formula.corporatefinanceinstitute.com154
The Corporate Finance Institute ExcelStep 5: Exact or approximate matchThis final step is to tell Excel if you’re looking for an exact or approximatematch by entering “True” or “False” in the formula.In our VLOOKUP example, we want an exact match, so we type “True” in theformula.An approximate match would be useful when looking up an exact figure thatmight not be contained in the table, for example, the number 2.9585. In thiscase, Excel will look for the number closest to 2.9585, even though thatnumber is not contained in the dataset. This will help prevent errors in theVLOOKUP formula.Learn how to do this step by step in our Free Excel Crash Course!VLOOKUP in financial modeling and financial analysisVLOOKUP formulas are often used in financial modeling and other types offinancial analysis to make models more dynamic and incorporate multiplescenarios.For example, imagine a financial model that included a debt schedule, and thecompany had three different scenarios for the interest rate: 3.0%, 4.0% and5.0%. A VLOOKUP could look for a scenario, low, medium or high and outputthe corresponding interest rate into the financial model.As you can see in the example above, an Analyst can select the scenario theywant and have the corresponding interest rate flow into the model from theVLOOKUP formula.Learn how to do this step by step in our Free Excel Crash Course!corporatefinanceinstitute.com155
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