# Financial Knowledge Large Language Model

arXiv: https://arxiv.org/abs/2407.00365 · HTML: https://mlsanity.com/paper/2407.00365/

## Key facts

- Cited by 3 papers in the map (data through 14 Oct 2026).
- Builds on 61 of its 106 references that are in the map.
- First posted on arXiv 29 Jun 2024.

## Builds on (most cited first, 30 of 61)

- [BERT: Pre-training of Deep Bidirectional Transformers for Language Understanding](https://mlsanity.com/paper/1810.04805/) (2018)
- [GPT-4 Technical Report](https://mlsanity.com/paper/2303.08774/) (2023)
- [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)
- [Measuring Massive Multitask Language Understanding](https://mlsanity.com/paper/2009.03300/) (2020)
- [Scaling Laws for Neural Language Models](https://mlsanity.com/paper/2001.08361/) (2020)
- [GLUE: A Multi-Task Benchmark and Analysis Platform for Natural Language Understanding](https://mlsanity.com/paper/1804.07461/) (2018)
- [Neural Machine Translation by Jointly Learning to Align and Translate](https://mlsanity.com/paper/1409.0473/) (2014)
- [HellaSwag: Can a Machine Really Finish Your Sentence?](https://mlsanity.com/paper/1905.07830/) (2019)
- [Qwen Technical Report](https://mlsanity.com/paper/2309.16609/) (2023)
- [Mistral 7B](https://mlsanity.com/paper/2310.06825/) (2023)
- [TruthfulQA: Measuring How Models Mimic Human Falsehoods](https://mlsanity.com/paper/2109.07958/) (2021)
- [Empirical Evaluation of Gated Recurrent Neural Networks on Sequence Modeling](https://mlsanity.com/paper/1412.3555/) (2014)
- [Beyond the Imitation Game: Quantifying and extrapolating the capabilities of language models](https://mlsanity.com/paper/2206.04615/) (2022)
- [Language Models as Knowledge Bases?](https://mlsanity.com/paper/1909.01066/) (2019)
- [WebGPT: Browser-assisted question-answering with human feedback](https://mlsanity.com/paper/2112.09332/) (2021)
- [LlamaFactory: Unified Efficient Fine-Tuning of 100+ Language Models](https://mlsanity.com/paper/2403.13372/) (2024)
- [FEVER: a large-scale dataset for Fact Extraction and VERification](https://mlsanity.com/paper/1803.05355/) (2018)
- [What Makes Good In-Context Examples for GPT-3?](https://mlsanity.com/paper/2101.06804/) (2021)
- [When Not to Trust Language Models: Investigating Effectiveness of Parametric and Non-Parametric Memories](https://mlsanity.com/paper/2212.10511/) (2022)
- [A General Language Assistant as a Laboratory for Alignment](https://mlsanity.com/paper/2112.00861/) (2021)
- [Ethical and social risks of harm from Language Models](https://mlsanity.com/paper/2112.04359/) (2021)
- [BloombergGPT: A Large Language Model for Finance](https://mlsanity.com/paper/2303.17564/) (2023)
- [An Explanation of In-context Learning as Implicit Bayesian Inference](https://mlsanity.com/paper/2111.02080/) (2021)
- [A Survey on In-context Learning](https://mlsanity.com/paper/2301.00234/) (2022)
- [How Much Knowledge Can You Pack Into the Parameters of a Language Model?](https://mlsanity.com/paper/2002.08910/) (2020)
- [Yi: Open Foundation Models by 01.AI](https://mlsanity.com/paper/2403.04652/) (2024)
- [AGIEval: A Human-Centric Benchmark for Evaluating Foundation Models](https://mlsanity.com/paper/2304.06364/) (2023)
- [Baichuan 2: Open Large-scale Language Models](https://mlsanity.com/paper/2309.10305/) (2023)

## Built on by (most cited first, 3 of 3)

- [Golden Touchstone: A Comprehensive Bilingual Benchmark for Evaluating Financial Large Language Models](https://mlsanity.com/paper/2411.06272/) (2024)
- [GuessArena: Guess Who I Am? A Self-Adaptive Framework for Evaluating LLMs in Domain-Specific Knowledge and Reasoning](https://mlsanity.com/paper/2505.22661/) (2025)
- [Perovskite-R1: a domain-specialized large language model for intelligent discovery of precursor additives and experimental design](https://mlsanity.com/paper/2507.16307/) (2025)

## Abstract (arXiv)

Artificial intelligence is making significant strides in the finance industry, revolutionizing how data is processed and interpreted. Among these technologies, large language models (LLMs) have demonstrated substantial potential to transform financial services by automating complex tasks, enhancing customer service, and providing detailed financial analysis. Firstly, we introduce IDEA-FinBench, an evaluation benchmark specifically tailored for assessing financial knowledge in large language models (LLMs). This benchmark utilizes questions from two globally respected and authoritative financial professional exams, aimimg to comprehensively evaluate the capability of LLMs to directly address exam questions pertinent to the finance sector. Secondly, we propose IDEA-FinKER, a Financial Knowledge Enhancement framework designed to facilitate the rapid adaptation of general LLMs to the financial domain, introducing a retrieval-based few-shot learning method for real-time context-level knowledge injection, and a set of high-quality financial knowledge instructions for fine-tuning any general LLM. Finally, we present IDEA-FinQA, a financial question-answering system powered by LLMs. This system is structured around a scheme of real-time knowledge injection and factual enhancement using external knowledge. IDEA-FinQA is comprised of three main modules: the data collector, the data querying module, and LLM-based agents tasked with specific functions.