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Vlookup
Index match
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The first step to effectively using the VLOOKUP function is to make sure your data is well
organized and suitable for using the function.
VLOOKUP works in a left to right order, so you need to ensure that the information you want
to look up is to the left of the corresponding data you want to extract.
For example:
In the above VLOOKUP example, you will see that the “good table” can easily run the
function to lookup “Bananas” and return their price, since Bananas are located in the leftmost
column. In the “bad table” example you’ll see there is an error message, as the columns are
not in the right order.
This is one of the major drawbacks of VLOOKUP, and for this reason, it’s highly
recommended to use INDEX MATCH instead of VLOOKUP.
In this step, we tell Excel what to look for. We start by typing the formula “=VLOOKUP(“
and then select the cell that contains the information we want to lookup. In this case, it’s the
cell that contains “Bananas”.
Step 3: Tell the function where to look
In this step, we select the table where the data is located, and tell Excel to search in the
leftmost column for the information we selected in the previous step.
For example, in this case we highlight the whole table from column A to column C. Excel
will look for the information we told it to lookup in column A.
Step 4: Tell Excel what column to output the data from
In this step, we need to tell Excel which column contains the data that we want to have as an
output from the VLOOKUP. To do this, Excel needs a number 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 we enter the
number “3” in the formula.
Step 5: Exact or approximate match
This final step is to tell Excel if you’re looking for an exact or approximate match by entering
“True” or “False” in the formula.
In our VLOOKUP example, we want an exact match, so we type “True” in the formula.
An approximate match would be useful when looking up an exact figure that might not be
contained in the table, for example, the number 2.9585. In this case, Excel will look for the
number closest to 2.9585, even if that specific number is not contained in the dataset. This
will help prevent errors in the VLOOKUP formula.
Learn how to do this step by step in our Free Excel Crash Course!
VLOOKUP formulas are often used in financial modeling and other types of financial
analysis to make models more dynamic and incorporate multiple scenarios.
For example, imagine a financial model that included a debt schedule, where the company
had three different scenarios for the interest rate: 3.0%, 4.0%, and 5.0%. A VLOOKUP
could look for a scenario, low, medium or high, and output the corresponding interest rate
into the financial model.
As you can see in the example above, an analyst can select the scenario they want and have
the corresponding interest rate flow into the model from the VLOOKUP formula.
Learn how to do this step by step in our Free Excel Crash Course!
Here is an important list of things to remember about the Excel VLOOKUP Function:
Additional resources
This has been a guide to the VLOOKUP function, how to use it, and how it can be
incorporated into financial modeling in Excel.
Even though it’s a great function, as mentioned above, we highly recommend using INDEX
MATCHinstead, as this combination of functions can search in any direction, not just left to
right. To learn more, see our guide to INDEX MATCH.
To keep learning and developing your skills, check out these additional resources: