# FAMMA: A Benchmark for Financial Domain Multilingual Multimodal Question Answering

arXiv: https://arxiv.org/abs/2410.04526 · HTML: https://mlsanity.com/paper/2410.04526/

## Key facts

- Cited by 20 papers in the map (data through 14 Oct 2026).
- Placed in Reasoning for agents, planning and code, one of 17 directions in LLM reasoning.
- Builds on 34 of its 46 references that are in the map.
- First posted on arXiv 6 Oct 2024.

## Placed in

- LLM reasoning / [Reasoning for agents, planning and code](https://mlsanity.com/lr/reasoning-for-agents-planning-and-code/)

## Builds on (most cited first, 30 of 34)

- [Language Models are Few-Shot Learners](https://mlsanity.com/paper/2005.14165/) (2020)
- [The Llama 3 Herd of Models](https://mlsanity.com/paper/2407.21783/) (2024)
- [Llama 2: Open Foundation and Fine-Tuned Chat Models](https://mlsanity.com/paper/2307.09288/) (2023)
- [Training Verifiers to Solve Math Word Problems](https://mlsanity.com/paper/2110.14168/) (2021)
- [Evaluating Large Language Models Trained on Code](https://mlsanity.com/paper/2107.03374/) (2021)
- [Measuring Massive Multitask Language Understanding](https://mlsanity.com/paper/2009.03300/) (2020)
- [Measuring Mathematical Problem Solving With the MATH Dataset](https://mlsanity.com/paper/2103.03874/) (2021)
- [GLUE: A Multi-Task Benchmark and Analysis Platform for Natural Language Understanding](https://mlsanity.com/paper/1804.07461/) (2018)
- [Let's Verify Step by Step](https://mlsanity.com/paper/2305.20050/) (2023)
- [SWE-bench: Can Language Models Resolve Real-World GitHub Issues?](https://mlsanity.com/paper/2310.06770/) (2023)
- [Mistral 7B](https://mlsanity.com/paper/2310.06825/) (2023)
- [GPQA: A Graduate-Level Google-Proof Q&A Benchmark](https://mlsanity.com/paper/2311.12022/) (2023)
- [MMMU: A Massive Multi-discipline Multimodal Understanding and Reasoning Benchmark for Expert AGI](https://mlsanity.com/paper/2311.16502/) (2023)
- [MMLU-Pro: A More Robust and Challenging Multi-Task Language Understanding Benchmark](https://mlsanity.com/paper/2406.01574/) (2024)
- [Mixtral of Experts](https://mlsanity.com/paper/2401.04088/) (2024)
- [MathVista: Evaluating Mathematical Reasoning of Foundation Models in Visual Contexts](https://mlsanity.com/paper/2310.02255/) (2023)
- [Is Your Code Generated by ChatGPT Really Correct? Rigorous Evaluation of Large Language Models for Code Generation](https://mlsanity.com/paper/2305.01210/) (2023)
- [DocVQA: A Dataset for VQA on Document Images](https://mlsanity.com/paper/2007.00398/) (2020)
- [Instruction-Following Evaluation for Large Language Models](https://mlsanity.com/paper/2311.07911/) (2023)
- [Program of Thoughts Prompting: Disentangling Computation from Reasoning for Numerical Reasoning Tasks](https://mlsanity.com/paper/2211.12588/) (2022)
- [BloombergGPT: A Large Language Model for Finance](https://mlsanity.com/paper/2303.17564/) (2023)
- [FinQA: A Dataset of Numerical Reasoning over Financial Data](https://mlsanity.com/paper/2109.00122/) (2021)
- [AppWorld: A Controllable World of Apps and People for Benchmarking Interactive Coding Agents](https://mlsanity.com/paper/2407.18901/) (2024)
- [LegalBench: A Collaboratively Built Benchmark for Measuring Legal Reasoning in Large Language Models](https://mlsanity.com/paper/2308.11462/) (2023)
- [FinanceBench: A New Benchmark for Financial Question Answering](https://mlsanity.com/paper/2311.11944/) (2023)
- [FinGPT: Open-Source Financial Large Language Models](https://mlsanity.com/paper/2306.06031/) (2023)
- [mGTE: Generalized Long-Context Text Representation and Reranking Models for Multilingual Text Retrieval](https://mlsanity.com/paper/2407.19669/) (2024)
- [ConvFinQA: Exploring the Chain of Numerical Reasoning in Conversational Finance Question Answering](https://mlsanity.com/paper/2210.03849/) (2022)
- [FinBen: A Holistic Financial Benchmark for Large Language Models](https://mlsanity.com/paper/2402.12659/) (2024)
- [DB-GPT: Empowering Database Interactions with Private Large Language Models](https://mlsanity.com/paper/2312.17449/) (2023)

## Built on by (most cited first, 20 of 20)

- [Fin-R1: A Large Language Model for Financial Reasoning through Reinforcement Learning](https://mlsanity.com/paper/2503.16252/) (2025)
- [Unlocking the Power of Function Vectors for Characterizing and Mitigating Catastrophic Forgetting in Continual Instruction Tuning](https://mlsanity.com/paper/2502.11019/) (2025)
- [Embodied Intelligence for 3D Understanding: A Survey on 3D Scene Question Answering](https://mlsanity.com/paper/2502.00342/) (2025)
- [QuitoBench: A High-Quality Open Time Series Forecasting Benchmark](https://mlsanity.com/paper/2603.26017/) (2026)
- [FinMMR: Make Financial Numerical Reasoning More Multimodal, Comprehensive, and Challenging](https://mlsanity.com/paper/2508.04625/) (2025)
- [LookBench: A Live and Holistic Open Benchmark for Fashion Image Retrieval](https://mlsanity.com/paper/2601.14706/) (2026)
- [BigFinanceBench: A Workflow-Grounded Benchmark for Financial-Research Agents](https://mlsanity.com/paper/2606.03829/) (2026)
- [EDINET-Bench: Evaluating LLMs on Complex Financial Tasks using Japanese Financial Statements](https://mlsanity.com/paper/2506.08762/) (2025)
- [ASDA: Automated Skill Distillation and Adaptation for Financial Reasoning](https://mlsanity.com/paper/2603.16112/) (2026)
- [Advancing Financial Engineering with Foundation Models: Progress, Applications, and Challenges](https://mlsanity.com/paper/2507.18577/) (2025)
- [FinRetrieval: A Benchmark for Financial Data Retrieval by AI Agents](https://mlsanity.com/paper/2603.04403/) (2026)
- [ROMAS: A Role-Based Multi-Agent System for Database monitoring and Planning](https://mlsanity.com/paper/2412.13520/) (2024)
- [FinLMM-R1: Enhancing Financial Reasoning in LMM through Scalable Data and Reward Design](https://mlsanity.com/paper/2506.13066/) (2025)
- [FinMR: A Knowledge-Intensive Multimodal Benchmark for Advanced Financial Reasoning](https://mlsanity.com/paper/2510.07852/) (2025)
- [DORAEMON: A Unified Library for Visual Object Modeling and Representation Learning at Scale](https://mlsanity.com/paper/2511.04394/) (2025)
- [Understanding Financial Reasoning in AI: A Multimodal Benchmark and Error Learning Approach](https://mlsanity.com/paper/2506.06282/) (2025)
- [What Factors Affect LLMs and RLLMs in Financial Question Answering?](https://mlsanity.com/paper/2507.08339/) (2025)
- [FinBoardBench: Benchmarking Dynamic Wealth Management and Strategic Financial Reasoning of LLMs via Board Game Simulations](https://mlsanity.com/paper/2605.27896/) (2026)
- [Robust and Generalizable Safety Steering for Text-to-Image Diffusion Transformers](https://mlsanity.com/paper/2605.30049/) (2026)
- [ZooWork-ShopRanker: An Open, Preference-Aligned E-Commerce Reranker](https://mlsanity.com/paper/2609.31002/) (2026)

## Abstract (arXiv)

In this paper, we introduce FAMMA, an open-source benchmark for underlinefinunderlineancial underlinemultilingual underlinemultimodal question underlineanswering (QA). Our benchmark aims to evaluate the abilities of large language models (LLMs) in answering complex reasoning questions that require advanced financial knowledge. The benchmark has two versions: FAMMA-Basic consists of 1,945 questions extracted from university textbooks and exams, along with human-annotated answers and rationales; FAMMA-LivePro consists of 103 novel questions created by human domain experts, with answers and rationales held out from the public for a contamination-free evaluation. These questions cover advanced knowledge of 8 major subfields in finance (e.g., corporate finance, derivatives, and portfolio management). Some are in Chinese or French, while a majority of them are in English. Each question has some non-text data such as charts, diagrams, or tables. Our experiments reveal that FAMMA poses a significant challenge on LLMs, including reasoning models such as GPT-o1 and DeepSeek-R1. Additionally, we curated 1,270 reasoning trajectories of DeepSeek-R1 on the FAMMA-Basic data, and fine-tuned a series of open-source Qwen models using this reasoning data. We found that training a model on these reasoning trajectories can significantly improve its performance on FAMMA-LivePro. We released our leaderboard, data, code, and trained models at https://famma-bench.github.io/famma/.