Excel 2003 vs 2007 / 2010
I hear a lot of large banks still use Excel 2003, but I assume that eventually everyone will upgrade? I'm wondering when that might happen and if it would be worth it to start using Excel 2003 now when I already have 2007 and a free upgrade to 2010 when it's released. Are there any major reasons for the banks not upgrading, other than compatibility? Why would anyone prefer 2003 over 2007? It seems strange to me, but maybe it's because I had never even opened Excel before 2007 came out. Also, does anyone know if they will change the interface in 2010? I'm just starting out learning financial modeling and Excel properly, so it would suck to find that I need to get used to something completely different when I start doing real work.
2007 sucks.
I hate 2007.
Seriously, why the **** do I have to hit Alt+H+JD+AA+T just to fucking align something at the top in powerpoint? Why do I have to hit Alt + H + F+C just to change font color?
Some banks have their own internal systems and applications built on the 2003 version. Another reason is that 2007 is a major update that changed all the settings and shortcuts, people would just go mad, like coffeebateman says.
2010 is pretty much the same plaform as 2007 so they are very similar.
Should I switch to Excel 2003 now, or will banks change to 2007 or 2010 within the next few years?
I know people who swear by 2007, but I fucking hate it.
Functionalities of 2003 and 2007 are quasi identical. Basically Excel 2003 had already repaired most of its previous mistakes. The few illogical formulas remaining were removed in 2007. Therefore in my opinion the main change is the layout. Since it is more "newbie-friendly" and less "professional user-friendly" (cf. above commentary on dumb shortcuts), I can see why a lot of working people are resisting it. Plus, it's less manly, and that is no small issue on a trading floor.
More seriously though, all banks have heavy infrastructured macros and tools to enhance Excel. Be it pricing tools, product simulation macros for global markets, or tools facilitating interaction with powerpoint and word for the sales/IBD. Most of those need reprogramming for Excel 2007.
Since Excel 2003 works fine (don't repair it if it's not broken, right?), and I suppose the newer version of Excel is more expensive for the banks, there is hardly any argument in upgrading.
But anyway, the only difference I see for you is the shortcuts. The use of Excel for financial modelling doesn't differ otherwise. Your formulas, pivot tables or preferred functions don't change.
It seems like I'm learning a lot of the 2003 shortcuts anyways (I'm going through the BIWS course right now). I don't use the mouse and not planning on ever doing so, so the layout doesn't make much of a difference to me. I guess I'll just stick with the newer versions and if I end up having to use 2003, so be it. I don't need validation of my manliness from Excel anyways, but to each his own.
When I was in MO/BO roles, excel 2007 was a godsend because there are significantly more rows available per sheet and also a smaller file size. It cut down on many of the problems we had trying to juggle large amounts of data.
In the IBD world this may not matter as much but when different divisions send files to each other, the file type conversions get to be a pain so most companies try to keep the same version throughout.
The bank I worked at last summer (not a BB) was starting to switch over to 2007. Like other posts have said though, there are big differences between the two and switching to going to cause a lot of negative feedback to say the least. I'd say knowing 2003 would be your best bet.
I won't be getting any FT position for at least another 3 years though. Does it really matter for an internship, even at BB? You'd think they wouldn't be still using Excel 2003 in 2013.
Banks are absolutely in the "if it ain't broke don't fix it" mode for Excel, at least the one I'm at. Their general IT policy is to upgrade only when the software developer stops supporting that version. Heck, we're still on Internet Explorer 6! Youtube doesn't even work on it properly. So until MSFT stops supporting 2003 (doubt they'll do so anytime soon), I'd imagine plenty of banks will stick with 2003.
I feel you on the IE6 brother. Biggest pain in the ass ever.
2007 is so much better, especially with charts. Saves so much damn time. That being said, I'm still very lost on 2007. I want to learn it though, because it's so much more enjoyable.
As you can see, at work it's still 2003.
2007 > 2010 >>> 2003
They've added way too many features in 2010, so despite the dumbed down layout it's actually it harder to master than 2007, and 2003 is just old and shit.
To my knowledge 2003 is still the norm at most bulge brackets.
In 2007, you can still use the basic shortcuts from 2003. Can you guys do this for 2010? I use 2007 but I only use the 2003 shortcuts, so if this feature disappears, then it's going to be a problem in the future.
Learning it now isn't going to help you that much. All banks have proprietary software that is built into powerpoint and excel that you can't learn til you actually get there. It's all built into 2003, so it would be incredibly expensive to switch
It's a matter of habit. When I first started using 2007, it was a real pain in the ass. But after getting used to it, 2007 seems ok and even better than 2003 to certain extent (more rows/columns, new hotkeys/functions etc.). Thanks God, my current bank uses 2007 (by the time I broke into I've already got used to 2007 and relearning again would be terrific).
Guys, it only takes 2 months of banking hours to become a master of 2007 after knowing 2003.
2007 is far superior to 2003 in many ways.
Get over it and please stop whining.
Office/Excel 2007 or 2003? (Originally Posted: 02/06/2008)
Do most i-banks use 2003 these days or have they converted to 2007 by now? I am going to take an i-banking class so I was wondering which version I should use to prepare myself better for next year when I'm starting my job in i-banking.
Thanks for all your replies.
Most still using 2003. Heaven forbid we have to switch over to 2007 anytime soon.
I doubt the switch to 2007 will ever occur in its present form. No banker, especially no analyst would be able to use Excel 2007.
2007 suuuuuuuuuuuucks. Bought a new laptop with the new suite, impossible to use and all shortcuts are changed.
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