Over 1.8 million professionals use CFI to learn accounting, financial analysis, modeling and more. Start with a free account to explore 20+ always-free courses and hundreds of finance templates and cheat sheets.
The QUARTILE Function is categorized under Excel Statistical functions. The function will return the quartile of a given data set.
As a financial analyst, QUARTILE can be used to find out, for example, a specific percentage of incomes in a population. The function is very useful in revenue analysis.
The function uses the following arguments:
Array (required argument) – This is the array or cell range of numeric values for which we want the quartile value.
Quart (required argument) – This indicates which value will be returned. It is an integer between 0 and 4, representing the required quartile.
How to use the QUARTILE Function in Excel?
As a worksheet function, QUARTILE can be entered as part of a formula in a cell of a worksheet. To understand the uses of the function, let us consider a few examples:
Suppose we are given the following revenue figures:
QUARTILE can return the minimum value, first quartile, second quartile, third quartile, and max value. The function accepts five values for the quart argument, as shown below:
The formulas used are below:
Similarly, we used 1 as quart argument for the 25th percentile, 2 for the 50th percentile, 3 for the 75th percentile and 4 for max value.
We get the results below:
If we wish to highlight cells by quartile, we can apply conditional formatting with a formula that uses the QUARTILE function. Suppose we are given the following data:
If we wish to highlight the minimum quartile, we can use conditional formatting. The formula to be used is:
We get the result below:
If we want, we can highlight every cell based on the quartile it belongs to. For that, we will set four conditional formatting rules:
The QUARTILE function is automatic and will calculate the 1st quartile with an input of 1, the 2nd quartile with an input of 2, and the 3rd quartile with an input of 3. With an input of 0, the function returns the minimum value in the data.
We need to arrange the conditional formatting rules so that they run in the same direction. The first rule highlights values greater than the 3rd quartile. The second rule highlights values greater than the 2nd quartile, the 3rd rule highlights data greater than the 1st quartile, and the last rule highlights data greater than the minimum value.
Things to remember about the QUARTILE Function
#NUM! error – Occurs if either:
The given value of quart is < 0 or > 4
The given array is empty
#VALUE! error – Occurs if the given value of quart is non-numeric.
Thanks for reading CFI’s guide to important Excel functions! By taking the time to learn and master these functions, you’ll significantly improve your financial modeling. To learn more, check out these additional CFI resources:
Take your learning and productivity to the next level with our Premium Templates.
Upgrading to a paid membership gives you access to our extensive collection of plug-and-play Templates designed to power your performance—as well as CFI's full course catalog and accredited Certification Programs.
Already have a Self-Study or Full-Immersion membership? Log in
Access Exclusive Templates
Gain unlimited access to more than 250 productivity Templates, CFI's full course catalog and accredited Certification Programs, hundreds of resources, expert reviews and support, the chance to work with real-world finance and research tools, and more.