mlsanityData to 14 Oct 2026

Large Language Models in Finance: A Survey

arXiv 2311.10723 ↗First posted 28 Sep 2023q-fin.GN cs.AI cs.CLcited by 226

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Cited by 24 in LLM agents and tool use, but placed by its own abstract, which didn’t fit.

Abstract (arXiv)

Recent advances in large language models (LLMs) have opened new possibilities for artificial intelligence applications in finance. In this paper, we provide a practical survey focused on two key aspects of utilizing LLMs for financial tasks: existing solutions and guidance for adoption. First, we review current approaches employing LLMs in finance, including leveraging pretrained models via zero-shot or few-shot learning, fine-tuning on domain-specific data, and training custom LLMs from scratch. We summarize key models and evaluate their performance improvements on financial natural language processing tasks. Second, we propose a decision framework to guide financial professionals in selecting the appropriate LLM solution based on their use case constraints around data, compute, and performance needs. The framework provides a pathway from lightweight experimentation to heavy investment in customized LLMs. Lastly, we discuss limitations and challenges around leveraging LLMs in financial applications. Overall, this survey aims to synthesize the state-of-the-art and provide a roadmap for responsibly applying LLMs to advance financial AI.

Key facts. Cited by 226 papers in the map (data through 14 Oct 2026). Builds on 31 of its 64 references that are in the map. First posted on arXiv 28 Sep 2023.

Builds on

31 of 64 references.

References · 31

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19 more
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Cited by year (2026 to 14 Oct)

Citing papers per year: 2023: 2; 2024: 72; 2025: 102; 2026: 50.

226 papers.

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  1. 2025Search-R1: Training LLMs to Reason and Leverage Search Engines with Reinforcement Learningcited by 1,444
  2. 2024A Survey on the Memory Mechanism of Large Language Model based Agentscited by 634
  3. 2024Graph Retrieval-Augmented Generation: A Surveycited by 324
  4. 2024Knowledge Conflicts for LLMs: A Surveycited by 283
  5. 2024FinBen: A Holistic Financial Benchmark for Large Language Modelscited by 141
  6. 2024PQCache: Product Quantization-based KVCache for Long Context LLM Inferencecited by 95
  7. 2024A Survey of Large Language Models for Financial Applications: Progress, Prospects and Challengescited by 90
  8. 2024A Systematic Survey and Critical Review on Evaluating Large Language Models: Challenges, Limitations, and Recommendationscited by 85
  9. 2024A Survey of Large Language Models in Finance (FinLLMs)cited by 79
  10. 2024NetLLM: Adapting Large Language Models for Networkingcited by 78
  11. 2023Unleashing the potential of prompt engineering for large language modelscited by 72
  12. 2024When LLMs Meet Cybersecurity: A Systematic Literature Reviewcited by 71
38 more
  1. 2024Retrieval Augmented Generation (RAG) and Beyond: A Comprehensive Survey on How to Make your LLMs use External Data More Wiselycited by 66
  2. 2024TrustAgent: Towards Safe and Trustworthy LLM-based Agentscited by 64
  3. 2024Large Language Model Agent in Financial Trading: A Surveycited by 60
  4. 2024Do LLMs Know When to NOT Answer? Investigating Abstention Abilities of Large Language Modelscited by 57
  5. 2025In-depth Analysis of Graph-based RAG in a Unified Frameworkcited by 46
  6. 2025Enforcing Temporal Constraints for LLM Agentscited by 34
  7. 2024PoisonBench: Assessing Large Language Model Vulnerability to Data Poisoningcited by 33
  8. 2025Defending against Indirect Prompt Injection by Instruction Detectioncited by 32
  9. 2024History, Development, and Principles of Large Language Models-An Introductory Surveycited by 30
  10. 2024Training Tensor Attention Efficiently: From Cubic to Almost Linear Timecited by 30
  11. 2024WordGame: Efficient & Effective LLM Jailbreak via Simultaneous Obfuscation in Query and Responsecited by 29
  12. 2024A Survey of Useful LLM Evaluationcited by 29
  13. 2025ArchRAG: Attributed Community-based Hierarchical Retrieval-Augmented Generationcited by 28
  14. 2025MemSearcher: Training LLMs to Reason, Search and Manage Memory via End-to-End Reinforcement Learningcited by 27
  15. 2025ParallelSearch: Train your LLMs to Decompose Query and Search Sub-queries in Parallel with Reinforcement Learningcited by 26
  16. 2025Demystifying Domain-adaptive Post-training for Financial LLMscited by 24
  17. 2024Towards Urban General Intelligence: A Review and Outlook of Urban Foundation Modelscited by 23
  18. 2024A Survey on the Honesty of Large Language Modelscited by 23
  19. 2024Jailbreak Antidote: Runtime Safety-Utility Balance via Sparse Representation Adjustment in Large Language Modelscited by 23
  20. 2024Semi-supervised Concept Bottleneck Modelscited by 21
  21. 2025Time Travel is Cheating: Going Live with DeepFund for Real-Time Fund Investment Benchmarkingcited by 21
  22. 2025LLM-Powered Multi-Agent System for Automated Crypto Portfolio Managementcited by 20
  23. 2024An overview of domain-specific foundation model: key technologies, applications and challengescited by 19
  24. 2024Large Action Models: From Inception to Implementationcited by 18
  25. 2026Efficient Evaluation of LLM Performance with Statistical Guaranteescited by 18
  26. 2024S2IP-LLM: Semantic Space Informed Prompt Learning with LLM for Time Series Forecastingcited by 17
  27. 2024Towards Rationality in Language and Multimodal Agents: A Surveycited by 16
  28. 2024A Survey on Large Language Models from General Purpose to Medical Applications: Datasets, Methodologies, and Evaluationscited by 16
  29. 2025Babel: Open Multilingual Large Language Models Serving Over 90% of Global Speakerscited by 16
  30. 2025CacheClip: Accelerating RAG with Effective KV Cache Reusecited by 16
  31. 2025BookRAG: A Hierarchical Structure-aware Index-based Approach for Retrieval-Augmented Generation on Complex Documentscited by 16
  32. 2025Only a Little to the Left: A Theory-grounded Measure of Political Bias in Large Language Modelscited by 15
  33. 2026PLawBench: A Rubric-Based Benchmark for Evaluating LLMs in Real-World Legal Practicecited by 15
  34. 2025Standard Benchmarks Fail -- Auditing LLM Agents in Finance Must Prioritize Riskcited by 13
  35. 2025Is Your LLM Overcharging You? Tokenization, Transparency, and Incentivescited by 13
  36. 2025Learning Facts at Scale with Active Readingcited by 13
  37. 2025Robustness in Large Language Models: A Survey of Mitigation Strategies and Evaluation Metricscited by 12
  38. 2026Memory in the LLM Era: Modular Architectures and Strategies in a Unified Frameworkcited by 12

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