42 Investment Banking Excel Shortcuts (PC + Mac)
42 investment banking Excel shortcuts for Windows, with Mac equivalents: paste special, formula auditing, number formats, grouping, and sensitivity tables.
The Excel shortcuts that matter most in investment banking are the ones you use on every row of a model: Ctrl+Arrow to move, Ctrl+Shift+Arrow to select, F2 to edit, F4 to lock references, Ctrl+R to fill across the projection years, and Alt, E, S, V to paste values. Learn those six first. Everything below has a Mac column.
Commas mean press the keys one after another: Alt, then E, then S, then V. A plus means hold them together. On a Mac laptop, function keys may need Fn held down.
The 10 that matter most
| Shortcut (Windows) | Mac | Why it matters |
|---|---|---|
| Ctrl+Arrow | Cmd+Arrow | Gets you to the last year of a projection or the bottom of a data dump in one keystroke |
| Ctrl+Shift+Arrow | Cmd+Shift+Arrow | Selects a full row of years before you format, copy, or sum it |
| Shift+Space | Shift+Space | Selects the row, the first step to insert, delete, or group it |
| F2 | F2 or Ctrl+U | Opens the cell and outlines, in color, the cells the formula uses |
| F4 (editing a formula) | Cmd+T or F4 | Anchors a reference ($A$1) so it holds when you fill across |
| Ctrl+R | Cmd+R | Copies the first year's formula across the rest of the row |
| Alt, E, S, V, Enter | Ctrl+Cmd+V, then Values | Pastes the numbers and leaves the formulas, links, and formatting behind |
| Ctrl+1 | Cmd+1 | Opens Format Cells, where custom number formats live |
| Ctrl+[ | Ctrl+[ | Jumps to the cells a formula pulls from. F5, Enter brings you back |
| Ctrl+Page Down / Ctrl+Page Up | Option+Right arrow / Option+Left arrow | Moves between tabs without hunting along the bottom of the screen |
The full set is 42 shortcuts, grouped by what you're doing when you need them.
Move and select
| Shortcut (Windows) | Mac | What it does |
|---|---|---|
| Ctrl+Arrow | Cmd+Arrow | Jump to the edge of the current block of data |
| Ctrl+Shift+Arrow | Cmd+Shift+Arrow | Extend the selection to the edge of the block |
| Shift+Space | Shift+Space | Select the entire row |
| Ctrl+Space | Ctrl+Space | Select the entire column |
| Ctrl+Page Down / Ctrl+Page Up | Option+Right arrow / Option+Left arrow | Next sheet / previous sheet |
Edit and fill
| Shortcut (Windows) | Mac | What it does |
|---|---|---|
| F2 | F2 or Ctrl+U | Edit the active cell, cursor at the end |
| Ctrl+D | Cmd+D | Fill down from the top cell of the selection |
| Ctrl+R | Cmd+R | Fill right from the left cell of the selection |
| Ctrl+Enter | Cmd+Return | Enter the same formula in every selected cell |
| F4 (not editing) | Cmd+Y | Repeat the last action, such as inserting a row or applying a format |
| Alt+Enter | Ctrl+Option+Return | Start a new line inside the cell |
| Ctrl+; | Ctrl+; | Enter today's date as a fixed value |
| Shift+F2 | Shift+F2 | Add or edit a note, for a source or an assumption |
Ctrl+D and Ctrl+R copy the format along with the formula. If the source cell has a border or fill you don't want repeated, copy it and paste formulas only (Alt, E, S, F).
Paste Special
| Shortcut (Windows) | Mac | What it does |
|---|---|---|
| Ctrl+Alt+V | Ctrl+Cmd+V | Open the Paste Special dialog |
| Alt, E, S, V, Enter | Ctrl+Cmd+V, then Values | Paste values only. The default when moving outputs between tabs or files |
| Alt, E, S, T, Enter | Ctrl+Cmd+V, then Formats | Paste formats only, to copy a finished row's look onto a new one |
| Alt, E, S, F, Enter | Ctrl+Cmd+V, then Formulas | Paste formulas without the source formatting |
Alt, E, S, V comes from the Edit menu Excel had before the ribbon. Windows Excel still accepts the old sequence and shows a small notice that you're using an access key from an earlier version. Ctrl+Alt+V, V, Enter does the same job with the current shortcut: inside the dialog, the underlined letter picks the option. Excel for Mac has no Alt sequence. Open the dialog with Ctrl+Cmd+V and choose the option there.
Formatting and number formats
| Shortcut (Windows) | Mac | What it does |
|---|---|---|
| Ctrl+1 | Cmd+1 | Open Format Cells: custom number formats, borders, alignment |
| Ctrl+Shift+1 (!) | Ctrl+Shift+1 (!) | Number format: two decimals, thousands separator, minus sign for negatives |
| Ctrl+Shift+4 ($) | Ctrl+Shift+4 ($) | Currency format, two decimals |
| Ctrl+Shift+5 (%) | Ctrl+Shift+5 (%) | Percentage format, no decimals |
The built-in formats get you close. Banking convention puts negatives in parentheses, shows percentages to one decimal, and marks multiples with an x, so set those once under Ctrl+1 > Custom: #,##0_);(#,##0) for figures in millions, 0.0% for growth and margins, 0.0"x" for multiples. Most lines in a model carry no dollar sign; the units go in the sheet subtitle.
Formulas and auditing
| Shortcut (Windows) | Mac | What it does |
|---|---|---|
| F4 (editing a formula) | Cmd+T or F4 | Cycle the selected reference through $A$1, A$1, $A1, A1 |
| Alt+= | Cmd+Shift+T | Insert an AutoSum |
| Ctrl+` | Ctrl+` | Show formulas instead of values across the sheet. Press again to switch back |
| Ctrl+[ | Ctrl+[ | Jump to the cells the formula references, including a link on another sheet |
| Ctrl+] | Ctrl+] | Select the formulas on this sheet that use the active cell |
| F5, Enter | F5, Return | Go back to the cell you jumped from. Go To remembers it |
| Alt, M, P | No shortcut (Formulas > Trace Precedents) | Draw arrows from the cells a formula uses |
| Alt, M, D | No shortcut (Formulas > Trace Dependents) | Draw arrows to the formulas that use this cell |
| Alt, M, A, A | No shortcut (Formulas > Remove Arrows) | Clear all tracer arrows |
| F9 (part of a formula selected in the formula bar) | Cmd+= | Show what that piece evaluates to. Press Esc to keep the formula |
Ctrl+[ moves you to the source. Trace Precedents draws arrows and leaves you where you are. The jump is faster for following a link across tabs; the arrows help when you need to see every input on a sheet at once. Clear them before the file goes out.
Rows, columns, and sheets
| Shortcut (Windows) | Mac | What it does |
|---|---|---|
| Ctrl+Shift+= (+) | Ctrl+Shift+= | Insert. With a full row or column selected, it inserts without the dialog |
| Ctrl+- | Cmd+- | Delete. Same rule: select the full row or column first |
| Ctrl+9 / Ctrl+0 | Ctrl+9 / Ctrl+0 | Hide the selected rows / columns |
| Alt+Shift+Right arrow / Alt+Shift+Left arrow | Cmd+Shift+K / Cmd+Shift+J | Group / ungroup the selected rows or columns |
| Shift+F11 | Shift+F11 | Insert a new sheet |
| Alt, H, O, R | No shortcut (double-click the tab) | Rename the sheet |
| Ctrl+Shift+L | Cmd+Shift+F or Ctrl+Shift+L | Turn filters on or off |
| Alt, W, V, G | No shortcut (Page Layout > Gridlines > View) | Show or hide gridlines. Output tabs usually go without |
| F12 | Cmd+Shift+S | Save As. Save a new version before a big change |
Sensitivity tables
| Shortcut (Windows) | Mac | What it does |
|---|---|---|
| Alt, A, W, T | No shortcut (Data > What-If Analysis > Data Table) | Build a one- or two-variable data table |
| F9 | F9 or Cmd+= | Recalculate. Refreshes data tables when calculation is set to skip them |
A data table reruns the model for each pair of inputs. It's how the WACC by terminal growth grid on a DCF gets built, and the entry by exit multiple grid on an LBO.
Put the output formula in the top-left corner of the block. Type one input's values across the top row and the other's down the left column. Select the whole block and press Alt, A, W, T. The row input cell is the assumption that matches the values across the top; the column input cell matches the values down the side. Both input cells have to sit on the same sheet as the table. Point them at another sheet and Excel rejects them with an input cell error.
Data tables recalculate every time the sheet does, which slows a large model. Set Formulas > Calculation Options to Automatic Except for Data Tables, then press F9 when you want the grids refreshed. Goal Seek sits in the same menu (Data > What-If Analysis > Goal Seek) when you need to solve for one input, such as the purchase price that hits a target IRR.
How bankers use them
Font color tells the reader what a cell is. Blue for hard-coded inputs, black for formulas, green for links to other sheets. Excel has no built-in shortcut that applies a font color directly. Press Alt and follow the letters on the ribbon, or use the firm's formatting add-in if it has one.
A projection row usually goes like this. Type the first year's formula and press F4 on any reference that should stay fixed, such as a tax rate in a single cell. Press Enter, go back to that cell, hold Shift and arrow right to the final year, and press Ctrl+R. Then press Ctrl+` and scan the row: every cell should show the same formula pattern.
When someone asks where a number comes from, press Ctrl+[ to land on the source, read it, and press F5, Enter to get back. Numbers that leave the model, such as a summary pasted into a backup file for the deck, go in with Alt, E, S, V. Nothing links back to the live model.
Group rather than hide. A collapsed group shows a plus sign in the outline bar. Hidden rows only show as a skipped row number, and reviewers miss them.
Excel on a Mac
Excel for Mac has no ribbon key tips. Every Alt sequence on this page (Alt, E, S, V; Alt, A, W, T; Alt, H, O, R) has no Mac version, which is why the tables give a menu path instead.
Direct shortcuts mostly carry over, with a few swaps worth memorizing:
- F4 for anchoring references becomes Cmd+T. F4 works too if your function keys are set as standard keys.
- F4 for repeating the last action becomes Cmd+Y.
- Microsoft flags Ctrl+Space and Shift+F11 as clashing with default macOS shortcuts. If either misfires, clear the clashing one under System Settings > Keyboard > Keyboard Shortcuts.
- To use F-keys without Fn, turn on the setting that makes F1, F2, and the rest work as standard function keys (System Settings > Keyboard).
The closest thing to key tips is the macOS Help menu. Press Cmd+Shift+/ (the ? key), type a command such as Trace Precedents, and press Return.
On the job you will likely work on a firm-issued Windows machine or a remote Windows desktop, so the Windows column is the one to learn. A Mac still matters before you start: take-home modeling tests, case studies, and practice. To get the ribbon key tips on a Mac, run Windows Excel. Microsoft's guidance for M-series Macs names two ways to run Windows 11: Parallels Desktop and a Windows 365 Cloud PC.
How to practice
Rebuild a model you already understand with the mouse pushed out of reach. A simple DCF or LBO works. You already know what every row should do, so your attention goes to the keys. When you catch yourself reaching for the mouse, stop and find the shortcut in the tables above.
Learn in layers. Moving and selecting first, then filling and Paste Special, then auditing and data tables. Each layer gets used on every model, so it sticks before you add the next.
For anything not on this page, press Alt in Windows Excel. Every tab and command shows its key tip, and the letters chain into sequences like Alt, H, O, R.
Shortcuts pay off most in the seat and in timed modeling tests. Interviews mostly test technicals by asking questions. If you want to see where you stand on those, the investment banking practice test is five questions from real interviews, free, with no timer.
Common mistakes
- Pressing Enter after F9 on part of a formula. That swaps the piece for a hard-coded number, and Microsoft notes the replaced part can't be restored. Press Esc to read the result and keep the formula.
- Plain paste between files. Ctrl+V carries the formulas across, and any formula that points at another sheet links back to the source workbook. Paste values unless you mean to link.
- Leaving Ctrl+Shift+1 as the final format. It shows minus signs and two decimals. Finish with a custom format that puts negatives in parentheses.
- Data table inputs on another sheet. Excel won't accept them. Keep the input cells on the table's sheet and link them to the main assumptions.
- Sending a file with stale grids. If calculation skips data tables, press F9 before you save and send.