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Microsoft Excel and Financial Modeling - Global Survey Results (July 2011)
1. Market
Survey:
Insights
into
the
users
of
Spreadsheets
and
Financial
Models
Summary
Presentation
July
2011
2. ¡ Financial
models
are
crucial
to
the
understanding
and
decision
making
of
many
industries
¡ Most
prevalent
in:
¡ Professional
services
¡ Infrastructure
¡ Sharemarket
¡ Logistics
and
procurement
¡ Strategy
¡ Industrial
operations
processes
2
3. ¡ The
report
sought
to
develop
a
deeper
understanding
of
the
processes,
practices
and
behaviours
underpinning
the
use
of
spreadsheets
and
financial
modeling
¡ The
survey
examined
the
preparation,
resource
sharing,
capabilities
and
perceived
risks
of
over
300
financial
model
users
worldwide
3
4. ¡ 52%
of
respondents
first
search
Google/Internet
for
modeling
assistance,
almost
double
the
number
who
turn
to
wok
colleagues
¡ 34%
built
between
4-‐10
financial
models
per
year
¡ Large
organisations
(1000
people+)
appear
to
be
more
reliant
on
financial
modeling
¡ 86%
of
respondents
would
be
willing
to
spend
at
least
5
minutes
searching
for
a
financial
modeling
example
¡ 56%
of
respondents
say
that
the
majority
of
their
financial
modeling
knowledge
is
self
taught
4
5. ¡ Almost
half
of
the
respondents
were
willing
to
modify
an
existing
model
that
is
only
“50%”
of
what
they
required
¡ 46%
of
models
take
between
1-‐5
days
to
build
(e.g.
≤40
hours)
¡ “Scope
for
error”
is
one
of
the
largest
problems
faced
by
financial
modelers
¡ Only
53%
of
respondents
are
“confident”
or
“very
confident”
their
models
are
free
from
serious
material
errors
5
6. Which
best
describes
the
field
you
work
in?
How
large
is
the
organisa/on
you
work
for?
45.0%
40.0%
38.6%
Education
Government
5%
2%
35.0%
30.0%
25.0%
Industry
29%
20.0%
17.2%
15.0%
12.4%
11.7%
11.7%
10.0%
8.3%
Professional
Services
5.0%
64%
0.0%
Self-‐Employed
<10
People
>1,000
People
200
to
1,000
People
50
to
200
People
10
to
50
People
6
7. Where
have
you
developed
most
of
your
financial
Which
of
the
following
best
describes
you?
modeling
knowledge?
(Only
answer
one)
External
training
5%
70.0%
61.9%
60.0%
Training
50.0%
provided
by
employer
38.1%
40.0%
23%
30.0%
Self-‐taught
20.0%
High
school
and/ 56%
or
University
10.0%
16%
0.0%
I
understand
the
technical
side
of
I
understand
the
commercial/
financial
modelling
business
side
financial
modelling
7
8. Per
year,
how
many
projects
/
transac/ons
Within
your
role,
how
much
of
your
/me
is
require
you
to
undertake
a
significant
level
of
spent
financial
modeling?
financial
modeling?
40.0%
40.0%
34.4%
35.0%
35.0%
30.0%
28.2%
30.0%
25.0%
25.0%
20.2%
20.0%
17.2%
20.0%
15.0%
15.0%
10.0%
10.0%
5.0%
5.0%
0.0%
1-‐3
models
4-‐10
models
10-‐20
models
>20
models
0.0%
0-‐10%
10-‐30%
30-‐50%
>50%
8
9. When
building
a
financial
model,
how
much
Within
your
organisa/on,
can
you
easily
/me
pressure
are
you
under?
access
useful
financial
model
examples?
40.0%
34.0%
33.7%
Extreme
5.1%
35.0%
30.0%
Significant
38.7%
25.0%
20.0%
17.9%
14.4%
Some
50.7%
15.0%
10.0%
Li@le
or
none
5.5%
5.0%
0.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
No
Limited
amount
Some
Lots
9
10. Do
you
spend
any
/me
searching
for
relevant
Where
do
you
first
seek
help
if
you
have
examples
to
help
you
get
started?
problems
with
Excel
or
financial
modeling?
60.0%
51.7%
Occasionally
50.0%
40.0%
No
30.0%
27.2%
20.0%
12.9%
8.3%
Yes
10.0%
0.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Colleague
at
work
Friend
“Help”
menu
Google/internet
10
11. Which
best
describes
the
kind
of
financial
How
long
would
you
be
willing
to
spend
modeling
you
typically
do?
looking
for
an
appropriate
financial
model
example?
35.0%
33.0%
30.0%
27.1%
25.4%
25.0%
Building
50:50
financial
20.0%
44%
models
from
scratch
15.0%
40%
10.0%
8.2%
6.2%
5.0%
0.0%
Working
with
I
wouldn't
1-‐5
minutes
5-‐20
minutes
20-‐60
minutes
UnYl
I
find
exisYng
what
I’m
financial
looking
for
models
16%
11
12. How
comfortable
are
you
modifying
a
In
order
for
a
financial
model
example
to
be
colleague’s
financial
model?
relevant
and
useful
to
you
as
a
basis
for
building
a
new
financial
model,
how
much
Extremely
Not
at
all
of
it
would
you
be
willing
to
modify?
6%
comfortable
50.0%
20%
45.0%
43.3%
40.0%
35.0%
I
can
if
I
have
to
30.0%
34%
25.0%
22.3%
20.0%
15.0%
12.0%
12.7%
9.6%
10.0%
Comfortable
40%
5.0%
0.0%
10%
20%
30%
40%
50%
12
13. What
is
your
biggest
dislike
or
problem
with
When
building
a
model,
how
confident
are
financial
modeling?
you
that
it
is
free
from
serious
errors?
My
lack
of
knowledge
Other
(please
specify)
14%
50.0%
22%
44.5%
45.0%
40.4%
40.0%
Takes
too
long
35.0%
15%
Lack
of
30.0%
supervision
25.0%
5%
Too
much
to
do
20.0%
for
one
person
Boring
and
tedious
15.0%
5%
3%
8.6%
10.0%
6.5%
5.0%
Too
much
scope
for
0.0%
Not
very
Moderately
Confident
Very
confident
error
36%
13
14. Wastefulness
Distrust
82
mins
50%
Average
time
an
Executive
might
Reported
major
regular
errors
in
spend
per
day
searching
for
needed
financial
models,
including
finding
out-‐
information
of-‐date
information
frequently
10%
per
day
25%
Average
time
workers
spend
looking
for
the
information
they
need
to
Business’
trust
information
contained
perform
a
task
or
make
a
decision
in
financial
models
14
15. ¡ What
are
the
best
methods
for
teaching
financial
modelers?
¡ How
can
greater
transparency
and
efficiency
be
introduced
into
the
financial
model
review
process?
¡ Which
industries
and
communities
can
benefit
most
from
understanding
the
benefits
of
financial
modeling?
¡ How
can
key
stakeholders
better
understand
the
risks
associated
with
poor
subject
knowledge
and
“bad”
modeling?
¡ Are
there
better
ways
to
share
financial
modeling
knowledge?
¡ How
can
business
intelligence
better
leverage
the
power
of
Excel?
15