# BloombergGPT: A Large Language Model for Finance

arXiv: https://arxiv.org/abs/2303.17564 · HTML: https://mlsanity.com/paper/2303.17564/

## Key facts

- Cited by 939 papers in the map (data through 14 Oct 2026).
- Builds on 99 of its 138 references that are in the map.
- First posted on arXiv 30 Mar 2023.

## Builds on (most cited first, 30 of 99)

- [Attention Is All You Need](https://mlsanity.com/paper/1706.03762/) (2017)
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- [Language Models are Few-Shot Learners](https://mlsanity.com/paper/2005.14165/) (2020)
- [Training language models to follow instructions with human feedback](https://mlsanity.com/paper/2203.02155/) (2022)
- [Exploring the Limits of Transfer Learning with a Unified Text-to-Text Transformer](https://mlsanity.com/paper/1910.10683/) (2019)
- [LLaMA: Open and Efficient Foundation Language Models](https://mlsanity.com/paper/2302.13971/) (2023)
- [Chain-of-Thought Prompting Elicits Reasoning in Large Language Models](https://mlsanity.com/paper/2201.11903/) (2022)
- [Measuring Massive Multitask Language Understanding](https://mlsanity.com/paper/2009.03300/) (2020)
- [Scaling Laws for Neural Language Models](https://mlsanity.com/paper/2001.08361/) (2020)
- [Think you have Solved Question Answering? Try ARC, the AI2 Reasoning Challenge](https://mlsanity.com/paper/1803.05457/) (2018)
- [RoFormer: Enhanced Transformer with Rotary Position Embedding](https://mlsanity.com/paper/2104.09864/) (2021)
- [HellaSwag: Can a Machine Really Finish Your Sentence?](https://mlsanity.com/paper/1905.07830/) (2019)
- [On the Opportunities and Risks of Foundation Models](https://mlsanity.com/paper/2108.07258/) (2021)
- [Finetuned Language Models Are Zero-Shot Learners](https://mlsanity.com/paper/2109.01652/) (2021)
- [OPT: Open Pre-trained Transformer Language Models](https://mlsanity.com/paper/2205.01068/) (2022)
- [Gaussian Error Linear Units (GELUs)](https://mlsanity.com/paper/1606.08415/) (2016)
- [Neural Machine Translation of Rare Words with Subword Units](https://mlsanity.com/paper/1508.07909/) (2015)
- [PIQA: Reasoning about Physical Commonsense in Natural Language](https://mlsanity.com/paper/1911.11641/) (2019)
- [Emergent Abilities of Large Language Models](https://mlsanity.com/paper/2206.07682/) (2022)
- [The Pile: An 800GB Dataset of Diverse Text for Language Modeling](https://mlsanity.com/paper/2101.00027/) (2020)
- [Extracting Training Data from Large Language Models](https://mlsanity.com/paper/2012.07805/) (2020)
- [BoolQ: Exploring the Surprising Difficulty of Natural Yes/No Questions](https://mlsanity.com/paper/1905.10044/) (2019)
- [Can a Suit of Armor Conduct Electricity? A New Dataset for Open Book Question Answering](https://mlsanity.com/paper/1809.02789/) (2018)
- [Beyond the Imitation Game: Quantifying and extrapolating the capabilities of language models](https://mlsanity.com/paper/2206.04615/) (2022)
- [SentencePiece: A simple and language independent subword tokenizer and detokenizer for Neural Text Processing](https://mlsanity.com/paper/1808.06226/) (2018)
- [BioBERT: a pre-trained biomedical language representation model for biomedical text mining](https://mlsanity.com/paper/1901.08746/) (2019)
- [Megatron-LM: Training Multi-Billion Parameter Language Models Using Model Parallelism](https://mlsanity.com/paper/1909.08053/) (2019)
- [Large Language Models Encode Clinical Knowledge](https://mlsanity.com/paper/2212.13138/) (2022)
- [CommonsenseQA: A Question Answering Challenge Targeting Commonsense Knowledge](https://mlsanity.com/paper/1811.00937/) (2018)
- [Challenging BIG-Bench Tasks and Whether Chain-of-Thought Can Solve Them](https://mlsanity.com/paper/2210.09261/) (2022)

## Built on by (most cited first, 30 of 939)

- [MathVista: Evaluating Mathematical Reasoning of Foundation Models in Visual Contexts](https://mlsanity.com/paper/2310.02255/) (2023)
- [Jailbreaking Black Box Large Language Models in Twenty Queries](https://mlsanity.com/paper/2310.08419/) (2023)
- [A Comprehensive Overview of Large Language Models](https://mlsanity.com/paper/2307.06435/) (2023)
- [SmoothLLM: Defending Large Language Models Against Jailbreaking Attacks](https://mlsanity.com/paper/2310.03684/) (2023)
- [Harnessing the Power of LLMs in Practice: A Survey on ChatGPT and Beyond](https://mlsanity.com/paper/2304.13712/) (2023)
- [Llemma: An Open Language Model For Mathematics](https://mlsanity.com/paper/2310.10631/) (2023)
- [LoraHub: Efficient Cross-Task Generalization via Dynamic LoRA Composition](https://mlsanity.com/paper/2307.13269/) (2023)
- [Large Language Models for Information Retrieval: A Survey](https://mlsanity.com/paper/2308.07107/) (2023)
- [A Survey on Knowledge Distillation of Large Language Models](https://mlsanity.com/paper/2402.13116/) (2024)
- [FinGPT: Open-Source Financial Large Language Models](https://mlsanity.com/paper/2306.06031/) (2023)
- [VerilogEval: Evaluating Large Language Models for Verilog Code Generation](https://mlsanity.com/paper/2309.07544/) (2023)
- [Continual Learning of Large Language Models: A Comprehensive Survey](https://mlsanity.com/paper/2404.16789/) (2024)
- [Large Language Models in Finance: A Survey](https://mlsanity.com/paper/2311.10723/) (2023)
- [PIXIU: A Large Language Model, Instruction Data and Evaluation Benchmark for Finance](https://mlsanity.com/paper/2306.05443/) (2023)
- [MetaTool Benchmark for Large Language Models: Deciding Whether to Use Tools and Which to Use](https://mlsanity.com/paper/2310.03128/) (2023)
- [Survey on Factuality in Large Language Models: Knowledge, Retrieval and Domain-Specificity](https://mlsanity.com/paper/2310.07521/) (2023)
- [Tower: An Open Multilingual Large Language Model for Translation-Related Tasks](https://mlsanity.com/paper/2402.17733/) (2024)
- [Evaluating Large Language Models: A Comprehensive Survey](https://mlsanity.com/paper/2310.19736/) (2023)
- [Recommender Systems in the Era of Large Language Models (LLMs)](https://mlsanity.com/paper/2307.02046/) (2023)
- [Large Language Models for Education: A Survey and Outlook](https://mlsanity.com/paper/2403.18105/) (2024)
- [Fine-Tuning or Retrieval? Comparing Knowledge Injection in LLMs](https://mlsanity.com/paper/2312.05934/) (2023)
- [ChipNeMo: Domain-Adapted LLMs for Chip Design](https://mlsanity.com/paper/2311.00176/) (2023)
- [FinMem: A Performance-Enhanced LLM Trading Agent with Layered Memory and Character Design](https://mlsanity.com/paper/2311.13743/) (2023)
- [How Can Recommender Systems Benefit from Large Language Models: A Survey](https://mlsanity.com/paper/2306.05817/) (2023)
- [FinBen: A Holistic Financial Benchmark for Large Language Models](https://mlsanity.com/paper/2402.12659/) (2024)
- [LHRS-Bot: Empowering Remote Sensing with VGI-Enhanced Large Multimodal Language Model](https://mlsanity.com/paper/2402.02544/) (2024)
- [A Multimodal Foundation Agent for Financial Trading: Tool-Augmented, Diversified, and Generalist](https://mlsanity.com/paper/2402.18485/) (2024)
- [Domain Specialization as the Key to Make Large Language Models Disruptive: A Comprehensive Survey](https://mlsanity.com/paper/2305.18703/) (2023)
- [LLM Post-Training: A Deep Dive into Reasoning Large Language Models](https://mlsanity.com/paper/2502.21321/) (2025)
- [Can ChatGPT Forecast Stock Price Movements? Return Predictability and Large Language Models](https://mlsanity.com/paper/2304.07619/) (2023)

## Abstract (arXiv)

The use of NLP in the realm of financial technology is broad and complex, with applications ranging from sentiment analysis and named entity recognition to question answering. Large Language Models (LLMs) have been shown to be effective on a variety of tasks; however, no LLM specialized for the financial domain has been reported in literature. In this work, we present BloombergGPT, a 50 billion parameter language model that is trained on a wide range of financial data. We construct a 363 billion token dataset based on Bloomberg's extensive data sources, perhaps the largest domain-specific dataset yet, augmented with 345 billion tokens from general purpose datasets. We validate BloombergGPT on standard LLM benchmarks, open financial benchmarks, and a suite of internal benchmarks that most accurately reflect our intended usage. Our mixed dataset training leads to a model that outperforms existing models on financial tasks by significant margins without sacrificing performance on general LLM benchmarks. Additionally, we explain our modeling choices, training process, and evaluation methodology. We release Training Chronicles (Appendix C) detailing our experience in training BloombergGPT.