# PIXIU: A Large Language Model, Instruction Data and Evaluation Benchmark for Finance

arXiv: https://arxiv.org/abs/2306.05443 · HTML: https://mlsanity.com/paper/2306.05443/

## Key facts

- Cited by 222 papers in the map (data through 14 Oct 2026).
- Builds on 36 of its 50 references that are in the map.
- First posted on arXiv 8 Jun 2023.

## Builds on (most cited first, 30 of 36)

- [BERT: Pre-training of Deep Bidirectional Transformers for Language Understanding](https://mlsanity.com/paper/1810.04805/) (2018)
- [Language Models are Few-Shot Learners](https://mlsanity.com/paper/2005.14165/) (2020)
- [GPT-4 Technical Report](https://mlsanity.com/paper/2303.08774/) (2023)
- [Training language models to follow instructions with human feedback](https://mlsanity.com/paper/2203.02155/) (2022)
- [LLaMA: Open and Efficient Foundation Language Models](https://mlsanity.com/paper/2302.13971/) (2023)
- [Training Verifiers to Solve Math Word Problems](https://mlsanity.com/paper/2110.14168/) (2021)
- [BERTScore: Evaluating Text Generation with BERT](https://mlsanity.com/paper/1904.09675/) (2019)
- [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)
- [Self-Instruct: Aligning Language Models with Self-Generated Instructions](https://mlsanity.com/paper/2212.10560/) (2022)
- [BLOOM: A 176B-Parameter Open-Access Multilingual Language Model](https://mlsanity.com/paper/2211.05100/) (2022)
- [Multitask Prompted Training Enables Zero-Shot Task Generalization](https://mlsanity.com/paper/2110.08207/) (2021)
- [Solving Quantitative Reasoning Problems with Language Models](https://mlsanity.com/paper/2206.14858/) (2022)
- [BloombergGPT: A Large Language Model for Finance](https://mlsanity.com/paper/2303.17564/) (2023)
- [The Flan Collection: Designing Data and Methods for Effective Instruction Tuning](https://mlsanity.com/paper/2301.13688/) (2023)
- [BARTScore: Evaluating Generated Text as Text Generation](https://mlsanity.com/paper/2106.11520/) (2021)
- [GPT-NeoX-20B: An Open-Source Autoregressive Language Model](https://mlsanity.com/paper/2204.06745/) (2022)
- [FinQA: A Dataset of Numerical Reasoning over Financial Data](https://mlsanity.com/paper/2109.00122/) (2021)
- [FinBERT: Financial Sentiment Analysis with Pre-trained Language Models](https://mlsanity.com/paper/1908.10063/) (2019)
- [Good Debt or Bad Debt: Detecting Semantic Orientations in Economic Texts](https://mlsanity.com/paper/1307.5336/) (2013)
- [ConvFinQA: Exploring the Chain of Numerical Reasoning in Conversational Finance Question Answering](https://mlsanity.com/paper/2210.03849/) (2022)
- [FinBERT: A Pretrained Language Model for Financial Communications](https://mlsanity.com/paper/2006.08097/) (2020)
- [Can ChatGPT Forecast Stock Price Movements? Return Predictability and Large Language Models](https://mlsanity.com/paper/2304.07619/) (2023)
- [WHEN FLUE MEETS FLANG: Benchmarks and Large Pre-trained Language Model for Financial Domain](https://mlsanity.com/paper/2211.00083/) (2022)
- [Exploring the Impact of Instruction Data Scaling on Large Language Models: An Empirical Study on Real-World Use Cases](https://mlsanity.com/paper/2303.14742/) (2023)
- [Impact of News on the Commodity Market: Dataset and Results](https://mlsanity.com/paper/2009.04202/) (2020)
- [Trillion Dollar Words: A New Financial Dataset, Task & Market Analysis](https://mlsanity.com/paper/2305.07972/) (2023)
- [BBT-Fin: Comprehensive Construction of Chinese Financial Domain Pre-trained Language Model, Corpus and Benchmark](https://mlsanity.com/paper/2302.09432/) (2023)
- [ECTSum: A New Benchmark Dataset For Bullet Point Summarization of Long Earnings Call Transcripts](https://mlsanity.com/paper/2210.12467/) (2022)
- [The Wall Street Neophyte: A Zero-Shot Analysis of ChatGPT Over MultiModal Stock Movement Prediction Challenges](https://mlsanity.com/paper/2304.05351/) (2023)

## Built on by (most cited first, 30 of 222)

- [LLMs-as-Judges: A Comprehensive Survey on LLM-based Evaluation Methods](https://mlsanity.com/paper/2412.05579/) (2024)
- [A Survey on Knowledge Distillation of Large Language Models](https://mlsanity.com/paper/2402.13116/) (2024)
- [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)
- [Survey on Factuality in Large Language Models: Knowledge, Retrieval and Domain-Specificity](https://mlsanity.com/paper/2310.07521/) (2023)
- [FinBen: A Holistic Financial Benchmark for Large Language Models](https://mlsanity.com/paper/2402.12659/) (2024)
- [Large Language Models for Time Series: A Survey](https://mlsanity.com/paper/2402.01801/) (2024)
- [Large Models for Time Series and Spatio-Temporal Data: A Survey and Outlook](https://mlsanity.com/paper/2310.10196/) (2023)
- [Revolutionizing Finance with LLMs: An Overview of Applications and Insights](https://mlsanity.com/paper/2401.11641/) (2024)
- [A Survey of Large Language Models for Financial Applications: Progress, Prospects and Challenges](https://mlsanity.com/paper/2406.11903/) (2024)
- [InvestLM: A Large Language Model for Investment using Financial Domain Instruction Tuning](https://mlsanity.com/paper/2309.13064/) (2023)
- [A Survey of Large Language Models in Finance (FinLLMs)](https://mlsanity.com/paper/2402.02315/) (2024)
- [FinGPT: Instruction Tuning Benchmark for Open-Source Large Language Models in Financial Datasets](https://mlsanity.com/paper/2310.04793/) (2023)
- [FinGPT: Democratizing Internet-scale Data for Financial Large Language Models](https://mlsanity.com/paper/2307.10485/) (2023)
- [DISC-FinLLM: A Chinese Financial Large Language Model based on Multiple Experts Fine-tuning](https://mlsanity.com/paper/2310.15205/) (2023)
- [INVESTORBENCH: A Benchmark for Financial Decision-Making Tasks with LLM-based Agent](https://mlsanity.com/paper/2412.18174/) (2024)
- [MentaLLaMA: Interpretable Mental Health Analysis on Social Media with Large Language Models](https://mlsanity.com/paper/2309.13567/) (2023)
- [EmoLLMs: A Series of Emotional Large Language Models and Annotation Tools for Comprehensive Affective Analysis](https://mlsanity.com/paper/2401.08508/) (2024)
- [MTBench: A Multimodal Time Series Benchmark for Temporal Reasoning and Question Answering](https://mlsanity.com/paper/2503.16858/) (2025)
- [Injecting Domain-Specific Knowledge into Large Language Models: A Comprehensive Survey](https://mlsanity.com/paper/2502.10708/) (2025)
- [Position: What Can Large Language Models Tell Us about Time Series Analysis](https://mlsanity.com/paper/2402.02713/) (2024)
- [AlphaFin: Benchmarking Financial Analysis with Retrieval-Augmented Stock-Chain Framework](https://mlsanity.com/paper/2403.12582/) (2024)
- [Deficiency of Large Language Models in Finance: An Empirical Examination of Hallucination](https://mlsanity.com/paper/2311.15548/) (2023)
- [Differentially Private Low-Rank Adaptation of Large Language Model Using Federated Learning](https://mlsanity.com/paper/2312.17493/) (2023)
- [X-MAS: Towards Building Multi-Agent Systems with Heterogeneous LLMs](https://mlsanity.com/paper/2505.16997/) (2025)
- [Learning to Generate Explainable Stock Predictions using Self-Reflective Large Language Models](https://mlsanity.com/paper/2402.03659/) (2024)
- [Efficient Continual Pre-training for Building Domain Specific Large Language Models](https://mlsanity.com/paper/2311.08545/) (2023)
- [AI for social science and social science of AI: A Survey](https://mlsanity.com/paper/2401.11839/) (2024)
- [A Survey of Useful LLM Evaluation](https://mlsanity.com/paper/2406.00936/) (2024)
- [OmniEval: An Omnidirectional and Automatic RAG Evaluation Benchmark in Financial Domain](https://mlsanity.com/paper/2412.13018/) (2024)

## Abstract (arXiv)

Although large language models (LLMs) has shown great performance on natural language processing (NLP) in the financial domain, there are no publicly available financial tailtored LLMs, instruction tuning datasets, and evaluation benchmarks, which is critical for continually pushing forward the open-source development of financial artificial intelligence (AI). This paper introduces PIXIU, a comprehensive framework including the first financial LLM based on fine-tuning LLaMA with instruction data, the first instruction data with 136K data samples to support the fine-tuning, and an evaluation benchmark with 5 tasks and 9 datasets. We first construct the large-scale multi-task instruction data considering a variety of financial tasks, financial document types, and financial data modalities. We then propose a financial LLM called FinMA by fine-tuning LLaMA with the constructed dataset to be able to follow instructions for various financial tasks. To support the evaluation of financial LLMs, we propose a standardized benchmark that covers a set of critical financial tasks, including five financial NLP tasks and one financial prediction task. With this benchmark, we conduct a detailed analysis of FinMA and several existing LLMs, uncovering their strengths and weaknesses in handling critical financial tasks. The model, datasets, benchmark, and experimental results are open-sourced to facilitate future research in financial AI.