mlsanityData to 7 Oct 2026

FinGPT: Instruction Tuning Benchmark for Open-Source Large Language Models in Financial Datasets

arXiv 2310.04793 ↗First posted 7 Oct 2023cs.CL q-fin.TRcited by 68

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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

  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. 2023Llama 2: Open Foundation and Fine-Tuned Chat Modelscited by 12,865
  6. 2021Finetuned Language Models Are Zero-Shot Learnerscited by 3,747
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9 more
  1. 2023A Prompt Pattern Catalog to Enhance Prompt Engineering with ChatGPTcited by 612
  2. 2019FinBERT: Financial Sentiment Analysis with Pre-trained Language Modelscited by 378
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  4. 2023FinGPT: Open-Source Financial Large Language Modelscited by 244
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  9. 2023Instruct-FinGPT: Financial Sentiment Analysis by Instruction Tuning of General-Purpose Large Language Modelscited by 58

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Cited by year (2026 to 7 Oct)

Citing papers per year: 2023: 1; 2024: 28; 2025: 22; 2026: 17.

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  1. 2024A Survey on Knowledge Distillation of Large Language Modelscited by 276
  2. 2024Continual Learning of Large Language Models: A Comprehensive Surveycited by 228
  3. 2024FinBen: A Holistic Financial Benchmark for Large Language Modelscited by 140
  4. 2024A Survey of Large Language Models in Finance (FinLLMs)cited by 77
  5. 2024Peer Review as A Multi-Turn and Long-Context Dialogue with Role-Based Interactionscited by 43
  6. 2024FinRobot: An Open-Source AI Agent Platform for Financial Applications using Large Language Modelscited by 39
  7. 2024TelecomGPT: A Framework to Build Telecom-Specfic Large Language Modelscited by 38
  8. 2025Plan and Budget: Effective and Efficient Test-Time Scaling on Reasoning Large Language Modelscited by 30
  9. 2025Fine-tuning Large Language Models for Improving Factuality in Legal Question Answeringcited by 28
  10. 2025Plutus: Benchmarking Large Language Models in Low-Resource Greek Financecited by 16
  11. 2024Mixing It Up: The Cocktail Effect of Multi-Task Fine-Tuning on LLM Performance -- A Case Study in Financecited by 15
  12. 2026TrajAD: Trajectory Anomaly Detection for Trustworthy LLM Agentscited by 13
38 more
  1. 2024Gold Panning in Vocabulary: An Adaptive Method for Vocabulary Expansion of Domain-Specific LLMscited by 11
  2. 2024GreedLlama: Performance of Financial Value-Aligned Large Language Models in Moral Reasoningcited by 8
  3. 2024A Middle Path for On-Premises LLM Deployment: Preserving Privacy Without Sacrificing Model Confidentialitycited by 8
  4. 2024ST-MoE-BERT: A Spatial-Temporal Mixture-of-Experts Framework for Long-Term Cross-City Mobility Predictioncited by 7
  5. 2024SusGen-GPT: A Data-Centric LLM for Financial NLP and Sustainability Report Generationcited by 7
  6. 2026Agentic Trading: When LLM Agents Meet Financial Marketscited by 7
  7. 2023Establishing Performance Baselines in Fine-Tuning, Retrieval-Augmented Generation and Soft-Prompting for Non-Specialist LLM Userscited by 6
  8. 2024Progressive Inference: Explaining Decoder-Only Sequence Classification Models Using Intermediate Predictionscited by 6
  9. 2024Fine-Tuning and Evaluating Open-Source Large Language Models for the Army Domaincited by 6
  10. 2025FRED: Financial Retrieval-Enhanced Detection and Editing of Hallucinations in Language Modelscited by 6
  11. 2024D'olares or Dollars? Unraveling the Bilingual Prowess of Financial LLMs Between Spanish and Englishcited by 5
  12. 2024Evalverse: Unified and Accessible Library for Large Language Model Evaluationcited by 5
  13. 2024Edu-Values: Towards Evaluating the Chinese Education Values of Large Language Modelscited by 5
  14. 2025CoLA: Collaborative Low-Rank Adaptationcited by 5
  15. 2024'Finance Wizard' at the FinLLM Challenge Task: Financial Text Summarizationcited by 4
  16. 2024Golden Touchstone: A Comprehensive Bilingual Benchmark for Evaluating Financial Large Language Modelscited by 4
  17. 2025Model Hubs and Beyond: Analyzing Model Popularity, Performance, and Documentationcited by 4
  18. 2025FinDPO: Financial Sentiment Analysis for Algorithmic Trading through Preference Optimization of LLMscited by 4
  19. 2025Advancing Financial Engineering with Foundation Models: Progress, Applications, and Challengescited by 4
  20. 2025Understanding Structured Financial Data with LLMs: A Case Study on Fraud Detectioncited by 4
  21. 2024Balancing Speciality and Versatility: A Coarse to Fine Framework for Mitigating Catastrophic Forgetting in Large Language Modelscited by 3
  22. 2024Exploring the Readiness of Prominent Small Language Models for the Democratization of Financial Literacycited by 3
  23. 2024FinGPT: Enhancing Sentiment-Based Stock Movement Prediction with Dissemination-Aware and Context-Enriched LLMscited by 3
  24. 2025Speaking at the Right Level: Literacy-Controlled Counterspeech Generation with RAG-RLcited by 3
  25. 2026Unlocking Data Value in Finance: A Study on Distillation and Difficulty-Aware Trainingcited by 3
  26. 2026FinToolSyn: A forward synthesis Framework for Financial Tool-Use Dialogue Data with Dynamic Tool Retrievalcited by 3
  27. 2024Evaluating Named Entity Recognition: A comparative analysis of mono- and multilingual transformer models on a novel Brazilian corporate earnings call transcripts datasetcited by 2
  28. 2024A Dutch Financial Large Language Modelcited by 2
  29. 2025FinLMM-R1: Enhancing Financial Reasoning in LMM through Scalable Data and Reward Designcited by 2
  30. 2025FinEval-KR: A Financial Domain Evaluation Framework for Large Language Models' Knowledge and Reasoningcited by 2
  31. 2025Evaluating Large Language Models (LLMs) in Financial NLP: A Comparative Study on Financial Report Analysiscited by 2
  32. 2025Exploring Large Language Models for Financial Applications: Techniques, Performance, and Challenges with FinMAcited by 2
  33. 2026Training Data Selection with Gradient Orthogonality for Efficient Domain Adaptationcited by 2
  34. 2026Are Large Language Models Reliable Reviewers? A Benchmark for Error Detection in Financial Documentscited by 2
  35. 2024Mitigating Interpretation Bias in Rock Records with Large Language Models: Insights from Paleoenvironmental Analysiscited by 1
  36. 2024Knowledge Pyramid Construction for Multi-Level Retrieval-Augmented Generationcited by 1
  37. 2024METEOR: Evolutionary Journey of Large Language Models from Guidance to Self-Growthcited by 1
  38. 2025FinBERT2: A Specialized Bidirectional Encoder for Bridging the Gap in Finance-Specific Deployment of Large Language Modelscited by 1

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