Actually, there is no real limit on the number of IF functions in a single
formula. The limit is on the levels of nesting. Functions can be nested up
to 7 levels deep in a formula.
For example, the following formula far exceeds 8 IFs in a single formula,
but still adheres to the limit of 7 levels of nesting.
=IF(A1=1,"A",IF(A1=2,"B",IF(A1=3,"C",IF(A1=4,"D",IF(A1=5,"E",IF(A1=6,"F",IF(A1=7,"G",IF(A1=8,"H",""))))))))&IF(A1=9,"I",IF(A1=10,"J",IF(A1=11,"K",IF(A1=12,"L",IF(A1=13,"M",IF(A1=14,"N",IF(A1=15,"O",IF(A1=16,"P",""))))))))
HTH,
Elkar