mlsanityData to 7 Oct 2026

InvestLM: A Large Language Model for Investment using Financial Domain Instruction Tuning

arXiv 2309.13064 ↗First posted 15 Sep 2023q-fin.GN cs.AI cs.CLcited by 80

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Abstract (arXiv)

We present a new financial domain large language model, InvestLM, tuned on LLaMA-65B (Touvron et al., 2023), using a carefully curated instruction dataset related to financial investment. Inspired by less-is-more-for-alignment (Zhou et al., 2023), we manually curate a small yet diverse instruction dataset, covering a wide range of financial related topics, from Chartered Financial Analyst (CFA) exam questions to SEC filings to Stackexchange quantitative finance discussions. InvestLM shows strong capabilities in understanding financial text and provides helpful responses to investment related questions. Financial experts, including hedge fund managers and research analysts, rate InvestLM's response as comparable to those of state-of-the-art commercial models (GPT-3.5, GPT-4 and Claude-2). Zero-shot evaluation on a set of financial NLP benchmarks demonstrates strong generalizability. From a research perspective, this work suggests that a high-quality domain specific LLM can be tuned using a small set of carefully curated instructions on a well-trained foundation model, which is consistent with the Superficial Alignment Hypothesis (Zhou et al., 2023). From a practical perspective, this work develops a state-of-the-art financial domain LLM with superior capability in understanding financial texts and providing helpful investment advice, potentially enhancing the work efficiency of financial professionals. We release the model parameters to the research community.

Key facts. Cited by 80 papers in the map (data through 7 Oct 2026). Builds on 21 of its 29 references that are in the map. First posted on arXiv 15 Sep 2023.

Builds on

21 of 29 references.

References · 21

  1. 2020Language Models are Few-Shot Learnerscited by 32,199
  2. 2022Training language models to follow instructions with human feedbackcited by 15,712
  3. 2021LoRA: Low-Rank Adaptation of Large Language Modelscited by 14,084
  4. 2023LLaMA: Open and Efficient Foundation Language Modelscited by 13,958
  5. 2021Finetuned Language Models Are Zero-Shot Learnerscited by 3,747
  6. 2022Self-Instruct: Aligning Language Models with Self-Generated Instructionscited by 2,674
  7. 2023Sparks of Artificial General Intelligence: Early experiments with GPT-4cited by 2,579
  8. 2021Multitask Prompted Training Enables Zero-Shot Task Generalizationcited by 1,462
  9. 2023LIMA: Less Is More for Alignmentcited by 1,080
  10. 2023BloombergGPT: A Large Language Model for Financecited by 923
  11. 2023The Flan Collection: Designing Data and Methods for Effective Instruction Tuningcited by 734
  12. 2023Extending Context Window of Large Language Models via Positional Interpolationcited by 721
9 more
  1. 2021Cross-Task Generalization via Natural Language Crowdsourcing Instructionscited by 696
  2. 2021FinQA: A Dataset of Numerical Reasoning over Financial Datacited by 552
  3. 2013Good Debt or Bad Debt: Detecting Semantic Orientations in Economic Textscited by 310
  4. 2023FinGPT: Open-Source Financial Large Language Modelscited by 244
  5. 2023PIXIU: A Large Language Model, Instruction Data and Evaluation Benchmark for Financecited by 217
  6. 2020FinBERT: A Pretrained Language Model for Financial Communicationscited by 161
  7. 2022WHEN FLUE MEETS FLANG: Benchmarks and Large Pre-trained Language Model for Financial Domaincited by 117
  8. 2023Trillion Dollar Words: A New Financial Dataset, Task & Market Analysiscited by 73
  9. 2022ECTSum: A New Benchmark Dataset For Bullet Point Summarization of Long Earnings Call Transcriptscited by 59

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Cited by year (2026 to 7 Oct)

Citing papers per year: 2023: 5; 2024: 30; 2025: 34; 2026: 11.

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  1. 2024A Survey on the Memory Mechanism of Large Language Model based Agentscited by 622
  2. 2023MedAgents: Large Language Models as Collaborators for Zero-shot Medical Reasoningcited by 311
  3. 2024A Survey on Knowledge Distillation of Large Language Modelscited by 276
  4. 2024Continual Learning of Large Language Models: A Comprehensive Surveycited by 228
  5. 2024FinBen: A Holistic Financial Benchmark for Large Language Modelscited by 140
  6. 2025A Survey of Context Engineering for Large Language Modelscited by 120
  7. 2023HuatuoGPT-II, One-stage Training for Medical Adaption of LLMscited by 91
  8. 2024A Survey of Large Language Models for Financial Applications: Progress, Prospects and Challengescited by 86
  9. 2024A Survey of Large Language Models in Finance (FinLLMs)cited by 77
  10. 2024INVESTORBENCH: A Benchmark for Financial Decision-Making Tasks with LLM-based Agentcited by 62
  11. 2025Agentic AI: A Comprehensive Survey of Architectures, Applications, and Future Directionscited by 46
  12. 2024KARMA: Augmenting Embodied AI Agents with Long-and-short Term Memory Systemscited by 38
38 more
  1. 2024Cost-Effective Online Multi-LLM Selection with Versatile Reward Modelscited by 36
  2. 2024MarS: a Financial Market Simulation Engine Powered by Generative Foundation Modelcited by 27
  3. 2025FLAG-Trader: Fusion LLM-Agent with Gradient-based Reinforcement Learning for Financial Tradingcited by 23
  4. 2025BizFinBench: A Business-Driven Real-World Financial Benchmark for Evaluating LLMscited by 22
  5. 2024Automate Strategy Finding with LLM in Quant Investmentcited by 21
  6. 2025FinMTEB: Finance Massive Text Embedding Benchmarkcited by 18
  7. 2025Plutus: Benchmarking Large Language Models in Low-Resource Greek Financecited by 16
  8. 2023FinEntity: Entity-level Sentiment Classification for Financial Textscited by 14
  9. 2024Enhancing Investment Analysis: Optimizing AI-Agent Collaboration in Financial Researchcited by 14
  10. 2024Beyond Surface Similarity: Detecting Subtle Semantic Shifts in Financial Narrativescited by 13
  11. 2024Do We Need Domain-Specific Embedding Models? An Empirical Investigationcited by 12
  12. 2023Is ChatGPT a Financial Expert? Evaluating Language Models on Financial Natural Language Processingcited by 11
  13. 2024TradExpert: Revolutionizing Trading with Mixture of Expert LLMscited by 11
  14. 2024Leveraging Large Language Models for Preliminary Security Risk Analysis: A Mission-Critical Case Studycited by 10
  15. 2024FoodSky: A Food-oriented Large Language Model that Passes the Chef and Dietetic Examinationcited by 10
  16. 2025AgenticEval: Toward Agentic and Self-Evolving Safety Evaluation of Large Language Modelscited by 9
  17. 2024GreedLlama: Performance of Financial Value-Aligned Large Language Models in Moral Reasoningcited by 8
  18. 2024EconNLI: Evaluating Large Language Models on Economics Reasoningcited by 8
  19. 2024Baichuan4-Finance Technical Reportcited by 8
  20. 2024No Language is an Island: Unifying Chinese and English in Financial Large Language Models, Instruction Data, and Benchmarkscited by 7
  21. 2025Evaluating and Aligning Human Economic Risk Preferences in LLMscited by 7
  22. 2024LLMs Could Autonomously Learn Without External Supervisioncited by 6
  23. 2025Exposing Product Bias in LLM Investment Recommendationcited by 6
  24. 2023Co-audit: tools to help humans double-check AI-generated contentcited by 5
  25. 2024D'olares or Dollars? Unraveling the Bilingual Prowess of Financial LLMs Between Spanish and Englishcited by 5
  26. 2025FinTeam: A Multi-Agent Collaborative Intelligence System for Comprehensive Financial Scenarioscited by 5
  27. 2026FinTradeBench: A Financial Reasoning Benchmark for LLMscited by 5
  28. 2024'Finance Wizard' at the FinLLM Challenge Task: Financial Text Summarizationcited by 4
  29. 2025Bridging Language Models and Financial Analysiscited by 4
  30. 2025WenyanGPT: A Large Language Model for Classical Chinese Taskscited by 4
  31. 2025Advancing Financial Engineering with Foundation Models: Progress, Applications, and Challengescited by 4
  32. 2026From Feedback Loops to Policy Updates: Reinforcement Fine-Tuning for LLM-Based Alpha Factor Discoverycited by 4
  33. 2024Large Language Model in Financial Regulatory Interpretationcited by 3
  34. 2024Behavioral Bias of Vision-Language Models: A Behavioral Finance Viewcited by 3
  35. 2024Exploring the Readiness of Prominent Small Language Models for the Democratization of Financial Literacycited by 3
  36. 2025FinNLI: Novel Dataset for Multi-Genre Financial Natural Language Inference Benchmarkingcited by 3
  37. 2025Can Past Experience Accelerate LLM Reasoning?cited by 3
  38. 2025Survey of Specialized Large Language Modelcited by 3

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