Inappropriate Use of Spreadsheets in the Finance Industry

Abstract

Spreadsheets are major tools in the finance industry. In order to find out how these tools are used, we examined recently published research papers and interviewed seven experienced bankers. This examination showed that spreadsheets may be used insufficiently, uncritically, and erroneously. By focusing on the quality of data and models (to be) exploited, this paper presents main details of this business-risky use of spreadsheets. Implications for vocational education are included.