# A Scoping Review of ChatGPT Research in Accounting and Finance

arXiv: https://arxiv.org/abs/2412.05731 · HTML: https://mlsanity.com/paper/2412.05731/

## Key facts

- Cited by 6 papers in the map (data through 14 Oct 2026).
- Builds on 23 of its 164 references that are in the map.
- First posted on arXiv 7 Dec 2024.

## Builds on (most cited first, 23 of 23)

- [Attention Is All You Need](https://mlsanity.com/paper/1706.03762/) (2017)
- [Language Models are Few-Shot Learners](https://mlsanity.com/paper/2005.14165/) (2020)
- [Measuring Massive Multitask Language Understanding](https://mlsanity.com/paper/2009.03300/) (2020)
- [A Survey of Large Language Models](https://mlsanity.com/paper/2303.18223/) (2023)
- [BloombergGPT: A Large Language Model for Finance](https://mlsanity.com/paper/2303.17564/) (2023)
- [ChatGPT Outperforms Crowd-Workers for Text-Annotation Tasks](https://mlsanity.com/paper/2303.15056/) (2023)
- [Recent Advances in Natural Language Processing via Large Pre-Trained Language Models: A Survey](https://mlsanity.com/paper/2111.01243/) (2021)
- [FinGPT: Open-Source Financial Large Language Models](https://mlsanity.com/paper/2306.06031/) (2023)
- [Large Language Models in Finance: A Survey](https://mlsanity.com/paper/2311.10723/) (2023)
- [Can ChatGPT Forecast Stock Price Movements? Return Predictability and Large Language Models](https://mlsanity.com/paper/2304.07619/) (2023)
- [Instruct-FinGPT: Financial Sentiment Analysis by Instruction Tuning of General-Purpose Large Language Models](https://mlsanity.com/paper/2306.12659/) (2023)
- [ChatGPT Informed Graph Neural Network for Stock Movement Prediction](https://mlsanity.com/paper/2306.03763/) (2023)
- [Assessing Look-Ahead Bias in Stock Return Predictions Generated By GPT Sentiment Analysis](https://mlsanity.com/paper/2309.17322/) (2023)
- [CHATREPORT: Democratizing Sustainability Disclosure Analysis through LLM-based Tools](https://mlsanity.com/paper/2307.15770/) (2023)
- [GPT as Knowledge Worker: A Zero-Shot Evaluation of (AI)CPA Capabilities](https://mlsanity.com/paper/2301.04408/) (2023)
- [GPT-InvestAR: Enhancing Stock Investment Strategies through Annual Report Analysis with Large Language Models](https://mlsanity.com/paper/2309.03079/) (2023)
- [Bloated Disclosures: Can ChatGPT Help Investors Process Information?](https://mlsanity.com/paper/2306.10224/) (2023)
- [ChatGPT-based Investment Portfolio Selection](https://mlsanity.com/paper/2308.06260/) (2023)
- ["Generate" the Future of Work through AI: Empirical Evidence from Online Labor Markets](https://mlsanity.com/paper/2308.05201/) (2023)
- [GPT has become financially literate: Insights from financial literacy tests of GPT and a preliminary test of how people use it as a source of advice](https://mlsanity.com/paper/2309.00649/) (2023)
- [Predictive Patentomics: Forecasting Innovation Success and Valuation with ChatGPT](https://mlsanity.com/paper/2307.01202/) (2023)
- [From Transcripts to Insights: Uncovering Corporate Risks Using Generative AI](https://mlsanity.com/paper/2310.17721/) (2023)
- [ChatGPT and the Labor Market: Unraveling the Effect of AI Discussions on Students' Earnings Expectations](https://mlsanity.com/paper/2305.11900/) (2023)

## Built on by (most cited first, 6 of 6)

- [SoK: Security of Autonomous LLM Agents in Agentic Commerce](https://mlsanity.com/paper/2604.15367/) (2026)
- [Bridging Language Models and Financial Analysis](https://mlsanity.com/paper/2503.22693/) (2025)
- [Advancing Financial Engineering with Foundation Models: Progress, Applications, and Challenges](https://mlsanity.com/paper/2507.18577/) (2025)
- [RelationalFactQA: A Benchmark for Evaluating Tabular Fact Retrieval from Large Language Models](https://mlsanity.com/paper/2505.21409/) (2025)
- [Charting the Future of Scholarly Knowledge with AI: A Community Perspective](https://mlsanity.com/paper/2509.02581/) (2025)
- [Artificial Intelligence and Accounting Research: A Framework and Agenda](https://mlsanity.com/paper/2511.16055/) (2025)

## Abstract (arXiv)

This paper provides a review of recent publications and working papers on ChatGPT and related Large Language Models (LLMs) in accounting and finance. The aim is to understand the current state of research in these two areas and identify potential research opportunities for future inquiry. We identify three common themes from these earlier studies. The first theme focuses on applications of ChatGPT and LLMs in various fields of accounting and finance. The second theme utilizes ChatGPT and LLMs as a new research tool by leveraging their capabilities such as classification, summarization, and text generation. The third theme investigates implications of LLM adoption for accounting and finance professionals, as well as for various organizations and sectors. While these earlier studies provide valuable insights, they leave many important questions unanswered or partially addressed. We propose venues for further exploration and provide technical guidance for researchers seeking to employ ChatGPT and related LLMs as a tool for their research.