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

arXiv: https://arxiv.org/abs/2310.04793 · HTML: https://mlsanity.com/paper/2310.04793/

## Key facts

- Cited by 69 papers in the map (data through 14 Oct 2026).
- Builds on 21 of its 39 references that are in the map.
- First posted on arXiv 7 Oct 2023.

## Builds on (most cited first, 21 of 21)

- [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)
- [LoRA: Low-Rank Adaptation of Large Language Models](https://mlsanity.com/paper/2106.09685/) (2021)
- [LLaMA: Open and Efficient Foundation Language Models](https://mlsanity.com/paper/2302.13971/) (2023)
- [Llama 2: Open Foundation and Fine-Tuned Chat Models](https://mlsanity.com/paper/2307.09288/) (2023)
- [Finetuned Language Models Are Zero-Shot Learners](https://mlsanity.com/paper/2109.01652/) (2021)
- [Survey of Hallucination in Natural Language Generation](https://mlsanity.com/paper/2202.03629/) (2022)
- [BLOOM: A 176B-Parameter Open-Access Multilingual Language Model](https://mlsanity.com/paper/2211.05100/) (2022)
- [Large Language Models Are Human-Level Prompt Engineers](https://mlsanity.com/paper/2211.01910/) (2022)
- [GLM: General Language Model Pretraining with Autoregressive Blank Infilling](https://mlsanity.com/paper/2103.10360/) (2021)
- [BloombergGPT: A Large Language Model for Finance](https://mlsanity.com/paper/2303.17564/) (2023)
- [GLM-130B: An Open Bilingual Pre-trained Model](https://mlsanity.com/paper/2210.02414/) (2022)
- [A Prompt Pattern Catalog to Enhance Prompt Engineering with ChatGPT](https://mlsanity.com/paper/2302.11382/) (2023)
- [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)
- [FinGPT: Open-Source Financial Large Language Models](https://mlsanity.com/paper/2306.06031/) (2023)
- [PIXIU: A Large Language Model, Instruction Data and Evaluation Benchmark for Finance](https://mlsanity.com/paper/2306.05443/) (2023)
- [Design Guidelines for Prompt Engineering Text-to-Image Generative Models](https://mlsanity.com/paper/2109.06977/) (2021)
- [WHEN FLUE MEETS FLANG: Benchmarks and Large Pre-trained Language Model for Financial Domain](https://mlsanity.com/paper/2211.00083/) (2022)
- [Impact of News on the Commodity Market: Dataset and Results](https://mlsanity.com/paper/2009.04202/) (2020)
- [Instruct-FinGPT: Financial Sentiment Analysis by Instruction Tuning of General-Purpose Large Language Models](https://mlsanity.com/paper/2306.12659/) (2023)

## Built on by (most cited first, 30 of 69)

- [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)
- [FinBen: A Holistic Financial Benchmark for Large Language Models](https://mlsanity.com/paper/2402.12659/) (2024)
- [A Survey of Large Language Models in Finance (FinLLMs)](https://mlsanity.com/paper/2402.02315/) (2024)
- [Peer Review as A Multi-Turn and Long-Context Dialogue with Role-Based Interactions](https://mlsanity.com/paper/2406.05688/) (2024)
- [FinRobot: An Open-Source AI Agent Platform for Financial Applications using Large Language Models](https://mlsanity.com/paper/2405.14767/) (2024)
- [TelecomGPT: A Framework to Build Telecom-Specfic Large Language Models](https://mlsanity.com/paper/2407.09424/) (2024)
- [Plan and Budget: Effective and Efficient Test-Time Scaling on Reasoning Large Language Models](https://mlsanity.com/paper/2505.16122/) (2025)
- [Fine-tuning Large Language Models for Improving Factuality in Legal Question Answering](https://mlsanity.com/paper/2501.06521/) (2025)
- [Plutus: Benchmarking Large Language Models in Low-Resource Greek Finance](https://mlsanity.com/paper/2502.18772/) (2025)
- [Mixing It Up: The Cocktail Effect of Multi-Task Fine-Tuning on LLM Performance -- A Case Study in Finance](https://mlsanity.com/paper/2410.01109/) (2024)
- [TrajAD: Trajectory Anomaly Detection for Trustworthy LLM Agents](https://mlsanity.com/paper/2602.06443/) (2026)
- [Gold Panning in Vocabulary: An Adaptive Method for Vocabulary Expansion of Domain-Specific LLMs](https://mlsanity.com/paper/2410.01188/) (2024)
- [GreedLlama: Performance of Financial Value-Aligned Large Language Models in Moral Reasoning](https://mlsanity.com/paper/2404.02934/) (2024)
- [A Middle Path for On-Premises LLM Deployment: Preserving Privacy Without Sacrificing Model Confidentiality](https://mlsanity.com/paper/2410.11182/) (2024)
- [ST-MoE-BERT: A Spatial-Temporal Mixture-of-Experts Framework for Long-Term Cross-City Mobility Prediction](https://mlsanity.com/paper/2410.14099/) (2024)
- [SusGen-GPT: A Data-Centric LLM for Financial NLP and Sustainability Report Generation](https://mlsanity.com/paper/2412.10906/) (2024)
- [Agentic Trading: When LLM Agents Meet Financial Markets](https://mlsanity.com/paper/2605.19337/) (2026)
- [Establishing Performance Baselines in Fine-Tuning, Retrieval-Augmented Generation and Soft-Prompting for Non-Specialist LLM Users](https://mlsanity.com/paper/2311.05903/) (2023)
- [Progressive Inference: Explaining Decoder-Only Sequence Classification Models Using Intermediate Predictions](https://mlsanity.com/paper/2406.02625/) (2024)
- [Fine-Tuning and Evaluating Open-Source Large Language Models for the Army Domain](https://mlsanity.com/paper/2410.20297/) (2024)
- [FRED: Financial Retrieval-Enhanced Detection and Editing of Hallucinations in Language Models](https://mlsanity.com/paper/2507.20930/) (2025)
- [D'olares or Dollars? Unraveling the Bilingual Prowess of Financial LLMs Between Spanish and English](https://mlsanity.com/paper/2402.07405/) (2024)
- [Evalverse: Unified and Accessible Library for Large Language Model Evaluation](https://mlsanity.com/paper/2404.00943/) (2024)
- [Edu-Values: Towards Evaluating the Chinese Education Values of Large Language Models](https://mlsanity.com/paper/2409.12739/) (2024)
- [CoLA: Collaborative Low-Rank Adaptation](https://mlsanity.com/paper/2505.15471/) (2025)
- ['Finance Wizard' at the FinLLM Challenge Task: Financial Text Summarization](https://mlsanity.com/paper/2408.03762/) (2024)
- [Golden Touchstone: A Comprehensive Bilingual Benchmark for Evaluating Financial Large Language Models](https://mlsanity.com/paper/2411.06272/) (2024)
- [Model Hubs and Beyond: Analyzing Model Popularity, Performance, and Documentation](https://mlsanity.com/paper/2503.15222/) (2025)
- [FinDPO: Financial Sentiment Analysis for Algorithmic Trading through Preference Optimization of LLMs](https://mlsanity.com/paper/2507.18417/) (2025)

## 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).