mlsanityData to 7 Oct 2026

A Survey of Large Language Models in Finance (FinLLMs)

arXiv 2402.02315 ↗First posted 4 Feb 2024cs.CL q-fin.GNcited by 77

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Abstract (arXiv)

Large Language Models (LLMs) have shown remarkable capabilities across a wide variety of Natural Language Processing (NLP) tasks and have attracted attention from multiple domains, including financial services. Despite the extensive research into general-domain LLMs, and their immense potential in finance, Financial LLM (FinLLM) research remains limited. This survey provides a comprehensive overview of FinLLMs, including their history, techniques, performance, and opportunities and challenges. Firstly, we present a chronological overview of general-domain Pre-trained Language Models (PLMs) through to current FinLLMs, including the GPT-series, selected open-source LLMs, and financial LMs. Secondly, we compare five techniques used across financial PLMs and FinLLMs, including training methods, training data, and fine-tuning methods. Thirdly, we summarize the performance evaluations of six benchmark tasks and datasets. In addition, we provide eight advanced financial NLP tasks and datasets for developing more sophisticated FinLLMs. Finally, we discuss the opportunities and the challenges facing FinLLMs, such as hallucination, privacy, and efficiency. To support AI research in finance, we compile a collection of accessible datasets and evaluation benchmarks on GitHub.

Key facts. Cited by 77 papers in the map (data through 7 Oct 2026). Builds on 57 of its 76 references that are in the map. First posted on arXiv 4 Feb 2024.

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57 of 76 references.

References · 57

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Cited by year (2026 to 7 Oct)

Citing papers per year: 2024: 28; 2025: 30; 2026: 19.

77 papers.

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  1. 2024FinBen: A Holistic Financial Benchmark for Large Language Modelscited by 140
  2. 2024A Survey of Large Language Models for Financial Applications: Progress, Prospects and Challengescited by 86
  3. 2024Large Language Model Agent in Financial Trading: A Surveycited by 60
  4. 2024Parameter-Efficient Fine-Tuning in Large Models: A Survey of Methodologiescited by 44
  5. 2025StockBench: Can LLM Agents Trade Stocks Profitably In Real-world Markets?cited by 43
  6. 2024On the Impact of Fine-Tuning on Chain-of-Thought Reasoningcited by 32
  7. 2025Fraud-R1 : A Multi-Round Benchmark for Assessing the Robustness of LLM Against Augmented Fraud and Phishing Inducementscited by 31
  8. 2024A Survey of Useful LLM Evaluationcited by 28
  9. 2024A Survey of Conversational Searchcited by 22
  10. 2024Automate Strategy Finding with LLM in Quant Investmentcited by 21
  11. 2024Decoding Time Series with LLMs: A Multi-Agent Framework for Cross-Domain Annotationcited by 21
  12. 2024A Survey on Large Language Models from General Purpose to Medical Applications: Datasets, Methodologies, and Evaluationscited by 16
38 more
  1. 2025Synthetic Data RL: Task Definition Is All You Needcited by 15
  2. 2025GraphCheck: Breaking Long-Term Text Barriers with Extracted Knowledge Graph-Powered Fact-Checkingcited by 12
  3. 2025Robustness in Large Language Models: A Survey of Mitigation Strategies and Evaluation Metricscited by 12
  4. 2025FinLoRA: Benchmarking LoRA Methods for Fine-Tuning LLMs on Financial Datasetscited by 11
  5. 2024FoodSky: A Food-oriented Large Language Model that Passes the Chef and Dietetic Examinationcited by 10
  6. 2024AI in Investment Analysis: LLMs for Equity Stock Ratingscited by 10
  7. 2024StockTime: A Time Series Specialized Large Language Model Architecture for Stock Price Predictioncited by 9
  8. 2024EconNLI: Evaluating Large Language Models on Economics Reasoningcited by 8
  9. 2024Baichuan4-Finance Technical Reportcited by 8
  10. 2025Enhancing Uncertainty Modeling with Semantic Graph for Hallucination Detectioncited by 8
  11. 2025Backdoor Attribution: Elucidating and Controlling Backdoor in Language Modelscited by 8
  12. 2026SoK: Security of Autonomous LLM Agents in Agentic Commercecited by 8
  13. 2024Revolutionizing Database Q&A with Large Language Models: Comprehensive Benchmark and Evaluationcited by 7
  14. 2025LLM-Enhanced Black-Litterman Portfolio Optimizationcited by 7
  15. 2024Opportunities and Challenges of Generative-AI in Financecited by 6
  16. 2024Multi-Document Financial Question Answering using LLMscited by 6
  17. 2024A Survey of Financial AI: Architectures, Advances and Open Challengescited by 6
  18. 2025Can Pre-training Indicators Reliably Predict Fine-tuning Outcomes of LLMs?cited by 6
  19. 2025EDINET-Bench: Evaluating LLMs on Complex Financial Tasks using Japanese Financial Statementscited by 6
  20. 2025Learning to Conceal Risk: Controllable Multi-turn Red Teaming for LLMs in the Financial Domaincited by 6
  21. 2024Online Personalizing White-box LLMs Generation with Neural Banditscited by 5
  22. 2025ExAnte: A Benchmark for Ex-Ante Inference in Large Language Modelscited by 5
  23. 2025Interpretable LLMs for Credit Risk: A Systematic Review and Taxonomycited by 5
  24. 2026FinRule-Bench: A Benchmark for Joint Reasoning over Financial Tables and Principlescited by 5
  25. 2024'Finance Wizard' at the FinLLM Challenge Task: Financial Text Summarizationcited by 4
  26. 2025Self-Refining Language Model Anonymizers via Adversarial Distillationcited by 4
  27. 2025Fragile Preferences: A Deep Dive Into Order Effects in Large Language Modelscited by 4
  28. 2025Advancing Financial Engineering with Foundation Models: Progress, Applications, and Challengescited by 4
  29. 2026FinSheet-Bench: From Simple Lookups to Complex Reasoning, Where LLMs Break on Financial Spreadsheetscited by 4
  30. 2024Exploring the Readiness of Prominent Small Language Models for the Democratization of Financial Literacycited by 3
  31. 2025Language Modeling for the Future of Finance: A Survey into Metrics, Tasks, and Data Opportunitiescited by 3
  32. 2025Gen-Review: A Large-scale Dataset of AI-Generated (and Human-written) Peer Reviewscited by 3
  33. 2024Evaluating Named Entity Recognition: A comparative analysis of mono- and multilingual transformer models on a novel Brazilian corporate earnings call transcripts datasetcited by 2
  34. 2024Flexible and Effective Mixing of Large Language Models into a Mixture of Domain Expertscited by 2
  35. 2025Exploring Large Language Models for Financial Applications: Techniques, Performance, and Challenges with FinMAcited by 2
  36. 2026Classroom AI: Large Language Models as Grade-Specific Teacherscited by 2
  37. 2026QRAFTI: An Agentic Framework for Empirical Research in Quantitative Financecited by 2
  38. 2024FinTeamExperts: Role Specialized MOEs For Financial Analysiscited by 1

50 most cited of 77 All 77 (JSON)