Named ranges/tables is always top of the list!
edit: business schools usually make you take an excel course/exam your first year. Its always awful, using some absurdly priced flash-based webapp from 2003 that has such strict validation on answers/inputs, you often struggle just to input your answer because you solved it in a different manner than they expect. So, the IBs likely think you know Excel before getting in the door (which is not always the case).
Now in practice it doesn't always work like that but I still agree with that philosophy. We should be hiring smart people, not people with knowledge. Smart people can always acquire or build the knowledge they need quickly. Knowledgeable people can't really get smarter.
Excel is mostly used for data transformations. Pretty much every tool can "speak" excel so typical work flow is to extract data using tool A dump it into excel. Save it and Upload from excel into tool B.
This is for business analytics rather than Finance/banking. Is excel really that common in that world?
I'd be surprised to find a normal (non tech, non SV) firm which didn't work on excel.
The Analysts here tend to use programs like Cognos, SAP Business Objects etc.
Happy to share noah (dot) barr (at) GOOG's email service