# Financial Instruction Following Evaluation (FIFE)

arXiv: https://arxiv.org/abs/2512.08965 · HTML: https://mlsanity.com/paper/2512.08965/

## Key facts

- No citing papers in the map yet (data through 14 Oct 2026).
- Builds on 44 of its 49 references that are in the map.
- First posted on arXiv 1 Dec 2025.

## Builds on (most cited first, 30 of 44)

- [Training language models to follow instructions with human feedback](https://mlsanity.com/paper/2203.02155/) (2022)
- [LLaMA: Open and Efficient Foundation Language Models](https://mlsanity.com/paper/2302.13971/) (2023)
- [Chain-of-Thought Prompting Elicits Reasoning in Large Language Models](https://mlsanity.com/paper/2201.11903/) (2022)
- [Self-Instruct: Aligning Language Models with Self-Generated Instructions](https://mlsanity.com/paper/2212.10560/) (2022)
- [A Survey on Evaluation of Large Language Models](https://mlsanity.com/paper/2307.03109/) (2023)
- [Instruction-Following Evaluation for Large Language Models](https://mlsanity.com/paper/2311.07911/) (2023)
- [WizardLM: Empowering large pre-trained language models to follow complex instructions](https://mlsanity.com/paper/2304.12244/) (2023)
- [FinQA: A Dataset of Numerical Reasoning over Financial Data](https://mlsanity.com/paper/2109.00122/) (2021)
- [PIXIU: A Large Language Model, Instruction Data and Evaluation Benchmark for Finance](https://mlsanity.com/paper/2306.05443/) (2023)
- [Generalizing Verifiable Instruction Following](https://mlsanity.com/paper/2507.02833/) (2025)
- [Benchmarking Complex Instruction-Following with Multiple Constraints Composition](https://mlsanity.com/paper/2407.03978/) (2024)
- [WHEN FLUE MEETS FLANG: Benchmarks and Large Pre-trained Language Model for Financial Domain](https://mlsanity.com/paper/2211.00083/) (2022)
- [Multi-IF: Benchmarking LLMs on Multi-Turn and Multilingual Instructions Following](https://mlsanity.com/paper/2410.15553/) (2024)
- [DyVal: Dynamic Evaluation of Large Language Models for Reasoning Tasks](https://mlsanity.com/paper/2309.17167/) (2023)
- [Synthetic Data (Almost) from Scratch: Generalized Instruction Tuning for Language Models](https://mlsanity.com/paper/2402.13064/) (2024)
- [The BiGGen Bench: A Principled Benchmark for Fine-grained Evaluation of Language Models with Language Models](https://mlsanity.com/paper/2406.05761/) (2024)
- [Trillion Dollar Words: A New Financial Dataset, Task & Market Analysis](https://mlsanity.com/paper/2305.07972/) (2023)
- [TICKing All the Boxes: Generated Checklists Improve LLM Evaluation and Generation](https://mlsanity.com/paper/2410.03608/) (2024)
- [INSTRUCTEVAL: Towards Holistic Evaluation of Instruction-Tuned Large Language Models](https://mlsanity.com/paper/2306.04757/) (2023)
- [DocFinQA: A Long-Context Financial Reasoning Dataset](https://mlsanity.com/paper/2401.06915/) (2024)
- [Dynamic Evaluation of Large Language Models by Meta Probing Agents](https://mlsanity.com/paper/2402.14865/) (2024)
- [Evaluating Instruction-Tuned Large Language Models on Code Comprehension and Generation](https://mlsanity.com/paper/2308.01240/) (2023)
- [VerIF: Verification Engineering for Reinforcement Learning in Instruction Following](https://mlsanity.com/paper/2506.09942/) (2025)
- [Recent Advances in Large Langauge Model Benchmarks against Data Contamination: From Static to Dynamic Evaluation](https://mlsanity.com/paper/2502.17521/) (2025)
- [Open-FinLLMs: Open Multimodal Large Language Models for Financial Applications](https://mlsanity.com/paper/2408.11878/) (2024)
- [Toward Generalizable Evaluation in the LLM Era: A Survey Beyond Benchmarks](https://mlsanity.com/paper/2504.18838/) (2025)
- [DARG: Dynamic Evaluation of Large Language Models via Adaptive Reasoning Graph](https://mlsanity.com/paper/2406.17271/) (2024)
- [Instructive Decoding: Instruction-Tuned Large Language Models are Self-Refiner from Noisy Instructions](https://mlsanity.com/paper/2311.00233/) (2023)
- [SPaR: Self-Play with Tree-Search Refinement to Improve Instruction-Following in Large Language Models](https://mlsanity.com/paper/2412.11605/) (2024)
- [BizFinBench: A Business-Driven Real-World Financial Benchmark for Evaluating LLMs](https://mlsanity.com/paper/2505.19457/) (2025)

## Abstract (arXiv)

Language Models (LMs) struggle with complex, interdependent instructions, particularly in high-stakes domains like finance where precision is critical. We introduce FIFE, a novel, high-difficulty benchmark designed to assess LM instruction-following capabilities for financial analysis tasks. FIFE comprises 88 human-authored prompts and employs a verification system with chainable, verifiable constraints for fine-grained reward signals. We evaluate 53 models (proprietary, open-weight, open-source) in a zero-shot setting. Our key findings reveal a clear performance hierarchy: the top open-weight model (76.1 strict / 79.5 loose) surpasses the leading proprietary system (65.9 strict / 70.5 loose), while the best open-source models lag significantly (45.5 strict / 48.9 loose). However, even top-performing models struggle with FIFE's complex requirements, failing to achieve perfect compliance. We release our dataset and code as an open-source resource to promote research in Reinforcement Learning for the financial domain.