# Hedge-Bench: Benchmarking Agents on Hard, Realistic Tasks Pertaining to Financial Reasoning

arXiv: https://arxiv.org/abs/2606.03918 · HTML: https://mlsanity.com/paper/2606.03918/

## Key facts

- Cited by 1 papers in the map (data through 14 Oct 2026).
- Builds on 7 of its 12 references that are in the map.
- First posted on arXiv 2 Jun 2026.

## Builds on (most cited first, 7 of 7)

- [Terminal-Bench: Benchmarking Agents on Hard, Realistic Tasks in Command Line Interfaces](https://mlsanity.com/paper/2601.11868/) (2026)
- [FinQA: A Dataset of Numerical Reasoning over Financial Data](https://mlsanity.com/paper/2109.00122/) (2021)
- [TAT-QA: A Question Answering Benchmark on a Hybrid of Tabular and Textual Content in Finance](https://mlsanity.com/paper/2105.07624/) (2021)
- [FinanceBench: A New Benchmark for Financial Question Answering](https://mlsanity.com/paper/2311.11944/) (2023)
- [FinBen: A Holistic Financial Benchmark for Large Language Models](https://mlsanity.com/paper/2402.12659/) (2024)
- [Finance Agent Benchmark: Benchmarking LLMs on Real-world Financial Research Tasks](https://mlsanity.com/paper/2508.00828/) (2025)
- [MultiFinBen: Benchmarking Large Language Models for Multilingual and Multimodal Financial Application](https://mlsanity.com/paper/2506.14028/) (2025)

## Built on by (most cited first, 1 of 1)

- [FrontierFinance: A Challenging Benchmark for Measuring Frontier Intelligence of Finance Agents](https://mlsanity.com/paper/2608.11683/) (2026)

## Abstract (arXiv)

AI agents can increasingly handle the mechanical tasks of financial analysis: retrieving documents, calculating formulas, updating spreadsheets. The harder, more valuable challenge is reasoning through the open-ended questions that define expert Analyst work. Existing benchmarks do not capture this class of problem, and those that attempt to evaluate open-ended reasoning rely on model-judged outputs that introduce noise and circularity. We present Hedge-Bench 1.0: a benchmark of 102 actual, on-the-job tasks grounded in the explicit reasoning traces of professional hedge fund analysts working with relevant information sources. This approach enables deterministic grading against verified expert steps. Frontier models and agents score below 16% on the benchmark. We publish the dataset and evaluation harness at github.com/Trata-Inc/trata-hedge-bench.