FinGPT: Instruction Tuning Benchmark for Open-Source Large Language Models in Financial Datasets
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Abstract (arXiv)
In the swiftly expanding domain of Natural Language Processing (NLP), the potential of GPT-based models for the financial sector is increasingly evident. However, the integration of these models with financial datasets presents challenges, notably in determining their adeptness and relevance. This paper introduces a distinctive approach anchored in the Instruction Tuning paradigm for open-source large language models, specifically adapted for financial contexts. Through this methodology, we capitalize on the interoperability of open-source models, ensuring a seamless and transparent integration. We begin by explaining the Instruction Tuning paradigm, highlighting its effectiveness for immediate integration. The paper presents a benchmarking scheme designed for end-to-end training and testing, employing a cost-effective progression. Firstly, we assess basic competencies and fundamental tasks, such as Named Entity Recognition (NER) and sentiment analysis to enhance specialization. Next, we delve into a comprehensive model, executing multi-task operations by amalgamating all instructional tunings to examine versatility. Finally, we explore the zero-shot capabilities by earmarking unseen tasks and incorporating novel datasets to understand adaptability in uncharted terrains. Such a paradigm fortifies the principles of openness and reproducibility, laying a robust foundation for future investigations in open-source financial large language models (FinLLMs).
Key facts. Cited by 68 papers in the map (data through 7 Oct 2026). Builds on 21 of its 39 references that are in the map. First posted on arXiv 7 Oct 2023.
Builds on
21 of 39 references.
References · 21
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- 2023BloombergGPT: A Large Language Model for Financecited by 923
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- 2023A Prompt Pattern Catalog to Enhance Prompt Engineering with ChatGPTcited by 612
- 2019FinBERT: Financial Sentiment Analysis with Pre-trained Language Modelscited by 378
- 2013Good Debt or Bad Debt: Detecting Semantic Orientations in Economic Textscited by 310
- 2023FinGPT: Open-Source Financial Large Language Modelscited by 244
- 2023PIXIU: A Large Language Model, Instruction Data and Evaluation Benchmark for Financecited by 217
- 2021Design Guidelines for Prompt Engineering Text-to-Image Generative Modelscited by 216
- 2022WHEN FLUE MEETS FLANG: Benchmarks and Large Pre-trained Language Model for Financial Domaincited by 117
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- 2023Instruct-FinGPT: Financial Sentiment Analysis by Instruction Tuning of General-Purpose Large Language Modelscited by 58
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Citing papers per year: 2023: 1; 2024: 28; 2025: 22; 2026: 17.
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- 2025FRED: Financial Retrieval-Enhanced Detection and Editing of Hallucinations in Language Modelscited by 6
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- 2024Balancing Speciality and Versatility: A Coarse to Fine Framework for Mitigating Catastrophic Forgetting in Large Language Modelscited by 3
- 2024Exploring the Readiness of Prominent Small Language Models for the Democratization of Financial Literacycited by 3
- 2024FinGPT: Enhancing Sentiment-Based Stock Movement Prediction with Dissemination-Aware and Context-Enriched LLMscited by 3
- 2025Speaking at the Right Level: Literacy-Controlled Counterspeech Generation with RAG-RLcited by 3
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- 2026FinToolSyn: A forward synthesis Framework for Financial Tool-Use Dialogue Data with Dynamic Tool Retrievalcited by 3
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- 2025FinEval-KR: A Financial Domain Evaluation Framework for Large Language Models' Knowledge and Reasoningcited by 2
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50 most cited of 68 All 68 (JSON)
- 2026V-FiLLM: Verified Financial LLM Reasoning Benchmark11 Aug 2026
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- 2026Agentic Trading: When LLM Agents Meet Financial Markets19 May 2026
- 2026Fin-Bias: Comprehensive Evaluation for LLM Decision-Making under human bias in Finance Domain9 May 2026
- 2026HabitatAgent: An End-to-End Multi-Agent System for Housing Consultation1 Apr 2026
- 2026FinToolSyn: A forward synthesis Framework for Financial Tool-Use Dialogue Data with Dynamic Tool Retrieval25 Mar 2026
- 2026FinRL-X: An AI-Native Modular Infrastructure for Quantitative Trading22 Mar 2026
- 2026CN-Buzz2Portfolio: A Chinese-Market Dataset and Benchmark for LLM-Based Macro and Sector Asset Allocation from Daily Trending Financial News18 Mar 2026
- 2026TRACE: Temporal Rule-Anchored Chain-of-Evidence on Knowledge Graphs for Interpretable Stock Movement Prediction12 Mar 2026
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- 2026TrajAD: Trajectory Anomaly Detection for Trustworthy LLM Agents6 Feb 2026
- 2026Training Data Selection with Gradient Orthogonality for Efficient Domain Adaptation6 Feb 2026
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- 2025Accounting Reasoning in Large Language Models: Concepts, Evaluation, and Empirical Analysis27 Dec 2025
- 2025Understanding Structured Financial Data with LLMs: A Case Study on Fraud Detection15 Dec 2025
- 2025Fine-tuning of lightweight large language models for sentiment classification on heterogeneous financial textual data30 Nov 2025
- 2025TRUST: A Decentralized Framework for Auditing Large Language Model Reasoning23 Oct 2025
- 2025BondBERT: What we learn when assigning sentiment in the bond market21 Oct 2025
- 2025MASA: Rethinking the Representational Bottleneck in LoRA with Multi-A Shared Adaptation7 Oct 2025
- 2025Exploring Large Language Models for Financial Applications: Techniques, Performance, and Challenges with FinMA2 Oct 2025
- 2025Risk Profiling and Modulation for LLMs27 Sep 2025
- 2025Speaking at the Right Level: Literacy-Controlled Counterspeech Generation with RAG-RL1 Sep 2025
- 2025FRED: Financial Retrieval-Enhanced Detection and Editing of Hallucinations in Language Models28 Jul 2025
- 2025Evaluating Large Language Models (LLMs) in Financial NLP: A Comparative Study on Financial Report Analysis24 Jul 2025
- 2025FinDPO: Financial Sentiment Analysis for Algorithmic Trading through Preference Optimization of LLMs24 Jul 2025
- 2025Advancing Financial Engineering with Foundation Models: Progress, Applications, and Challenges7 Jul 2025
- 2025FinEval-KR: A Financial Domain Evaluation Framework for Large Language Models' Knowledge and Reasoning18 Jun 2025
- 2025FinLMM-R1: Enhancing Financial Reasoning in LMM through Scalable Data and Reward Design16 Jun 2025
- 2025FinBERT2: A Specialized Bidirectional Encoder for Bridging the Gap in Finance-Specific Deployment of Large Language Models31 May 2025
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- 2025ExpertGenQA: Open-ended QA generation in Specialized Domains4 Mar 2025
- 2025Plutus: Benchmarking Large Language Models in Low-Resource Greek Finance26 Feb 2025
- 2025Fine-tuning Large Language Models for Improving Factuality in Legal Question Answering11 Jan 2025
- 2024SusGen-GPT: A Data-Centric LLM for Financial NLP and Sustainability Report Generation14 Dec 2024
- 2024FinGPT: Enhancing Sentiment-Based Stock Movement Prediction with Dissemination-Aware and Context-Enriched LLMs14 Dec 2024
- 2024METEOR: Evolutionary Journey of Large Language Models from Guidance to Self-Growth18 Nov 2024
- 2024Golden Touchstone: A Comprehensive Bilingual Benchmark for Evaluating Financial Large Language Models9 Nov 2024
- 2024Fine-Tuning and Evaluating Open-Source Large Language Models for the Army Domain27 Oct 2024
- 2024ST-MoE-BERT: A Spatial-Temporal Mixture-of-Experts Framework for Long-Term Cross-City Mobility Prediction18 Oct 2024
- 2024A Middle Path for On-Premises LLM Deployment: Preserving Privacy Without Sacrificing Model Confidentiality15 Oct 2024
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- 2024A Dutch Financial Large Language Model3 Oct 2024
- 2024Gold Panning in Vocabulary: An Adaptive Method for Vocabulary Expansion of Domain-Specific LLMs2 Oct 2024
- 2024Mixing It Up: The Cocktail Effect of Multi-Task Fine-Tuning on LLM Performance -- A Case Study in Finance1 Oct 2024
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- 2025FinLMM-R1: Enhancing Financial Reasoning in LMM through Scalable Data and Reward Designcited by 2
- 2025FinEval-KR: A Financial Domain Evaluation Framework for Large Language Models' Knowledge and Reasoningcited by 2
- 2026Training Data Selection with Gradient Orthogonality for Efficient Domain Adaptationcited by 2
- 2025MASA: Rethinking the Representational Bottleneck in LoRA with Multi-A Shared Adaptationcited by 1
- 2025TRUST: A Decentralized Framework for Auditing Large Language Model Reasoningcited by 1
- 2026Reasoning through Verifiable Forecast Actions: Consistency-Grounded RL for Financial LLMscited by 1
- 2025Accounting Reasoning in Large Language Models: Concepts, Evaluation, and Empirical Analysiscited by 0
- 2026Evaluating Accounting Reasoning Capabilities of Large Language Modelscited by 0
- 2026V-FiLLM: Verified Financial LLM Reasoning Benchmarkcited by 0
- 2026V-FiLLM: Verified Financial LLM Reasoning Benchmark11 Aug 2026
- 2026Reasoning through Verifiable Forecast Actions: Consistency-Grounded RL for Financial LLMs21 May 2026
- 2026Training Data Selection with Gradient Orthogonality for Efficient Domain Adaptation6 Feb 2026
- 2026Evaluating Accounting Reasoning Capabilities of Large Language Models10 Jan 2026
- 2025Accounting Reasoning in Large Language Models: Concepts, Evaluation, and Empirical Analysis27 Dec 2025
- 2025TRUST: A Decentralized Framework for Auditing Large Language Model Reasoning23 Oct 2025
- 2025MASA: Rethinking the Representational Bottleneck in LoRA with Multi-A Shared Adaptation7 Oct 2025
- 2025FinEval-KR: A Financial Domain Evaluation Framework for Large Language Models' Knowledge and Reasoning18 Jun 2025
- 2025FinLMM-R1: Enhancing Financial Reasoning in LMM through Scalable Data and Reward Design16 Jun 2025
- 2025Plan and Budget: Effective and Efficient Test-Time Scaling on Reasoning Large Language Models22 May 2025
- 2024GreedLlama: Performance of Financial Value-Aligned Large Language Models in Moral Reasoning3 Apr 2024
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- 2026Agentic Trading: When LLM Agents Meet Financial Marketscited by 7
- 2026FinToolSyn: A forward synthesis Framework for Financial Tool-Use Dialogue Data with Dynamic Tool Retrievalcited by 3
- 2026HabitatAgent: An End-to-End Multi-Agent System for Housing Consultationcited by 0
- 2026Agentic Trading: When LLM Agents Meet Financial Markets19 May 2026
- 2026HabitatAgent: An End-to-End Multi-Agent System for Housing Consultation1 Apr 2026
- 2026FinToolSyn: A forward synthesis Framework for Financial Tool-Use Dialogue Data with Dynamic Tool Retrieval25 Mar 2026
- 2026TrajAD: Trajectory Anomaly Detection for Trustworthy LLM Agents6 Feb 2026
- 2024FinRobot: An Open-Source AI Agent Platform for Financial Applications using Large Language Models23 May 2024
- 2023Establishing Performance Baselines in Fine-Tuning, Retrieval-Augmented Generation and Soft-Prompting for Non-Specialist LLM Userscited by 6
- 2024Knowledge Pyramid Construction for Multi-Level Retrieval-Augmented Generationcited by 1
- 2026HC-RAG: Evidence-Centric Retrieval-Augmented Generation over Heterogeneous Financial Filingscited by 0
- 2026HC-RAG: Evidence-Centric Retrieval-Augmented Generation over Heterogeneous Financial Filings3 Jun 2026
- 2024Knowledge Pyramid Construction for Multi-Level Retrieval-Augmented Generation31 Jul 2024
- 2023Establishing Performance Baselines in Fine-Tuning, Retrieval-Augmented Generation and Soft-Prompting for Non-Specialist LLM Users10 Nov 2023
- 2024A Survey on Knowledge Distillation of Large Language Modelscited by 276
- 2024Continual Learning of Large Language Models: A Comprehensive Surveycited by 228
- 2024FinBen: A Holistic Financial Benchmark for Large Language Modelscited by 140
- 2024A Survey of Large Language Models in Finance (FinLLMs)cited by 77
- 2024Peer Review as A Multi-Turn and Long-Context Dialogue with Role-Based Interactionscited by 43
- 2024TelecomGPT: A Framework to Build Telecom-Specfic Large Language Modelscited by 38
- 2025Fine-tuning Large Language Models for Improving Factuality in Legal Question Answeringcited by 28
- 2025Plutus: Benchmarking Large Language Models in Low-Resource Greek Financecited by 16
- 2024Mixing It Up: The Cocktail Effect of Multi-Task Fine-Tuning on LLM Performance -- A Case Study in Financecited by 15
- 2024Gold Panning in Vocabulary: An Adaptive Method for Vocabulary Expansion of Domain-Specific LLMscited by 11
- 2024A Middle Path for On-Premises LLM Deployment: Preserving Privacy Without Sacrificing Model Confidentialitycited by 8
- 2024SusGen-GPT: A Data-Centric LLM for Financial NLP and Sustainability Report Generationcited by 7
12 most cited of 45 All 45 (JSON)
- 2026FinSMART: Financial Sentiment Analysis for Algorithmic Trading through Market-Aligned Reinforcement Learning30 Jul 2026
- 2026Are Large Language Models Reliable Reviewers? A Benchmark for Error Detection in Financial Documents3 Jun 2026
- 2026Fin-Bias: Comprehensive Evaluation for LLM Decision-Making under human bias in Finance Domain9 May 2026
- 2026FinRL-X: An AI-Native Modular Infrastructure for Quantitative Trading22 Mar 2026
- 2026CN-Buzz2Portfolio: A Chinese-Market Dataset and Benchmark for LLM-Based Macro and Sector Asset Allocation from Daily Trending Financial News18 Mar 2026
- 2026TRACE: Temporal Rule-Anchored Chain-of-Evidence on Knowledge Graphs for Interpretable Stock Movement Prediction12 Mar 2026
- 2026Not All News Is Equal: Topic- and Event-Conditional Sentiment from Finetuned LLMs for Aluminum Price Forecasting10 Mar 2026
- 2026Unlocking Data Value in Finance: A Study on Distillation and Difficulty-Aware Training7 Mar 2026
- 2025Understanding Structured Financial Data with LLMs: A Case Study on Fraud Detection15 Dec 2025
- 2025Fine-tuning of lightweight large language models for sentiment classification on heterogeneous financial textual data30 Nov 2025
- 2025BondBERT: What we learn when assigning sentiment in the bond market21 Oct 2025
- 2025Exploring Large Language Models for Financial Applications: Techniques, Performance, and Challenges with FinMA2 Oct 2025
12 newest of 45 All 45 (JSON)