Daily Papers

The domain adaptation of language models, including large language models (LLMs), has become increasingly important as the use of such models continues to expand. This study demonstrates the effectiveness of Composition to Augment Language Models (CALM) in adapting to the financial domain. CALM is a model to extend the capabilities of existing models by introducing cross-attention between two LLMs with different functions. In our experiments, we developed a CALM to enhance the financial performance of an LLM with strong response capabilities by leveraging a financial-specialized LLM. Notably, the CALM was trained using a financial dataset different from the one used to train the financial-specialized LLM, confirming CALM's ability to adapt to various datasets. The models were evaluated through quantitative Japanese financial benchmarks and qualitative response comparisons, demonstrating that CALM enables superior responses with higher scores than the original models and baselines. Additionally, comparative experiments on connection points revealed that connecting the middle layers of the models is most effective in facilitating adaptation to the financial domain. These findings confirm that CALM is a practical approach for adapting LLMs to the financial domain.

Large Language Models (LLMs) exhibit considerable promise in financial applications; however, prevailing models frequently demonstrate limitations when confronted with scenarios that necessitate sophisticated reasoning capabilities, stringent trustworthiness criteria, and efficient adaptation to domain-specific requirements. We introduce the Agentar-Fin-R1 series of financial large language models (8B and 32B parameters), specifically engineered based on the Qwen3 foundation model to enhance reasoning capabilities, reliability, and domain specialization for financial applications. Our optimization approach integrates a high-quality, systematic financial task label system with a comprehensive multi-layered trustworthiness assurance framework. This framework encompasses high-quality trustworthy knowledge engineering, multi-agent trustworthy data synthesis, and rigorous data validation governance. Through label-guided automated difficulty-aware optimization, tow-stage training pipeline, and dynamic attribution systems, we achieve substantial improvements in training efficiency. Our models undergo comprehensive evaluation on mainstream financial benchmarks including Fineva, FinEval, and FinanceIQ, as well as general reasoning datasets such as MATH-500 and GPQA-diamond. To thoroughly assess real-world deployment capabilities, we innovatively propose the Finova evaluation benchmark, which focuses on agent-level financial reasoning and compliance verification. Experimental results demonstrate that Agentar-Fin-R1 not only achieves state-of-the-art performance on financial tasks but also exhibits exceptional general reasoning capabilities, validating its effectiveness as a trustworthy solution for high-stakes financial applications. The Finova bench is available at https://github.com/antgroup/Finova.

Recent breakthroughs in large language models (LLMs) have led to the development of new benchmarks for evaluating their performance in the financial domain. However, current financial benchmarks often rely on news articles, earnings reports, or announcements, making it challenging to capture the real-world dynamics of financial meetings. To address this gap, we propose a novel benchmark called M^3FinMeeting, which is a multilingual, multi-sector, and multi-task dataset designed for financial meeting understanding. First, M^3FinMeeting supports English, Chinese, and Japanese, enhancing comprehension of financial discussions in diverse linguistic contexts. Second, it encompasses various industry sectors defined by the Global Industry Classification Standard (GICS), ensuring that the benchmark spans a broad range of financial activities. Finally, M^3FinMeeting includes three tasks: summarization, question-answer (QA) pair extraction, and question answering, facilitating a more realistic and comprehensive evaluation of understanding. Experimental results with seven popular LLMs reveal that even the most advanced long-context models have significant room for improvement, demonstrating the effectiveness of M^3FinMeeting as a benchmark for assessing LLMs' financial meeting comprehension skills.

Advancements in reasoning for large language models (LLMs) have lead to significant performance improvements for LLMs in various fields such as mathematics and programming. However, research applying these advances to the financial domain, where considerable domain-specific knowledge is necessary to complete tasks, remains limited. To address this gap, we introduce FEVO (Financial Evolution), a multi-stage enhancement framework developed to enhance LLM performance in the financial domain. FEVO systemically enhances LLM performance by using continued pre-training (CPT) to expand financial domain knowledge, supervised fine-tuning (SFT) to instill structured, elaborate reasoning patterns, and reinforcement learning (RL) to further integrate the expanded financial domain knowledge with the learned structured reasoning. To ensure effective and efficient training, we leverage frontier reasoning models and rule-based filtering to curate FEVO-Train, high-quality datasets specifically designed for the different post-training phases. Using our framework, we train the FEVO series of models - C32B, S32B, R32B - from Qwen2.5-32B and evaluate them on seven benchmarks to assess financial and general capabilities, with results showing that FEVO-R32B achieves state-of-the-art performance on five financial benchmarks against much larger models as well as specialist models. More significantly, FEVO-R32B demonstrates markedly better performance than FEVO-R32B-0 (trained from Qwen2.5-32B-Instruct using only RL), thus validating the effectiveness of financial domain knowledge expansion and structured, logical reasoning distillation

Recent advancements in large language models (LLMs) have demonstrated remarkable general reasoning capabilities, holding significant potential for applications in the financial domain, a field that requires robust and reliable reasoning. It has been demonstrated that distilling high-quality chain-of-thought (CoT) rationales from advanced general reasoning models offers a promising and efficient path to the financial reasoning model. However, existing CoT synthesis methods suffer from shallow CoT sampling, leaving the question of how to construct a well-designed knowledge space for finance reasoning unexplored. In this paper, we present Agentar-DeepFinance-100K, a large-scale financial reasoning dataset characterized by its systematic CoT synthesis optimization. We first introduce a comprehensive CoT synthesis pipeline featuring Multi-perspective Knowledge Extraction (MKE) and Self-Corrective Rewriting (SCR) to generate exhaustive and deep financial reasoning trajectories. Furthermore, a systematic investigation, termed CoT Cube, is conducted to analyze critical factors that influence CoT effectiveness, such as necessity, length and synthesizer, yielding valuable insights for high-quality financial CoT construction. Experiments demonstrate that models trained on our Agentar-DeepFinance-100K achieve significant improvements on financial benchmarks. We publicly release Agentar-DeepFinance-100K , hoping to advance the research in financial reasoning models.

Effective reasoning remains a core challenge for large language models (LLMs) in the financial domain, where tasks often require domain-specific knowledge, precise numerical calculations, and strict adherence to compliance rules. We propose DianJin-R1, a reasoning-enhanced framework designed to address these challenges through reasoning-augmented supervision and reinforcement learning. Central to our approach is DianJin-R1-Data, a high-quality dataset constructed from CFLUE, FinQA, and a proprietary compliance corpus (Chinese Compliance Check, CCC), combining diverse financial reasoning scenarios with verified annotations. Our models, DianJin-R1-7B and DianJin-R1-32B, are fine-tuned from Qwen2.5-7B-Instruct and Qwen2.5-32B-Instruct using a structured format that generates both reasoning steps and final answers. To further refine reasoning quality, we apply Group Relative Policy Optimization (GRPO), a reinforcement learning method that incorporates dual reward signals: one encouraging structured outputs and another rewarding answer correctness. We evaluate our models on five benchmarks: three financial datasets (CFLUE, FinQA, and CCC) and two general reasoning benchmarks (MATH-500 and GPQA-Diamond). Experimental results show that DianJin-R1 models consistently outperform their non-reasoning counterparts, especially on complex financial tasks. Moreover, on the real-world CCC dataset, our single-call reasoning models match or even surpass the performance of multi-agent systems that require significantly more computational cost. These findings demonstrate the effectiveness of DianJin-R1 in enhancing financial reasoning through structured supervision and reward-aligned learning, offering a scalable and practical solution for real-world applications.

Recent advances in large language models (LLMs) have accelerated progress in financial NLP and applications, yet existing benchmarks remain limited to monolingual and unimodal settings, often over-relying on simple tasks and failing to reflect the complexity of real-world financial communication. We introduce MultiFinBen, the first multilingual and multimodal benchmark tailored to the global financial domain, evaluating LLMs across modalities (text, vision, audio) and linguistic settings (monolingual, bilingual, multilingual) on domain-specific tasks. We introduce two novel tasks, including PolyFiQA-Easy and PolyFiQA-Expert, the first multilingual financial benchmarks requiring models to perform complex reasoning over mixed-language inputs; and EnglishOCR and SpanishOCR, the first OCR-embedded financial QA tasks challenging models to extract and reason over information from visual-text financial documents. Moreover, we propose a dynamic, difficulty-aware selection mechanism and curate a compact, balanced benchmark rather than simple aggregation existing datasets. Extensive evaluation of 22 state-of-the-art models reveals that even the strongest models, despite their general multimodal and multilingual capabilities, struggle dramatically when faced with complex cross-lingual and multimodal tasks in financial domain. MultiFinBen is publicly released to foster transparent, reproducible, and inclusive progress in financial studies and applications.

Large language models (LLMs) have recently demonstrated strong capabilities as autonomous agents, showing promise in reasoning, tool use, and sequential decision-making. While prior benchmarks have evaluated LLM agents in domains such as software engineering and scientific discovery, the finance domain remains underexplored, despite its direct relevance to economic value and high-stakes decision-making. Existing financial benchmarks primarily test static knowledge through question answering, but they fall short of capturing the dynamic and iterative nature of trading. To address this gap, we introduce StockBench, a contamination-free benchmark designed to evaluate LLM agents in realistic, multi-month stock trading environments. Agents receive daily market signals -- including prices, fundamentals, and news -- and must make sequential buy, sell, or hold decisions. Performance is assessed using financial metrics such as cumulative return, maximum drawdown, and the Sortino ratio. Our evaluation of state-of-the-art proprietary (e.g., GPT-5, Claude-4) and open-weight (e.g., Qwen3, Kimi-K2, GLM-4.5) models shows that while most LLM agents struggle to outperform the simple buy-and-hold baseline, several models demonstrate the potential to deliver higher returns and manage risk more effectively. These findings highlight both the challenges and opportunities in developing LLM-powered financial agents, showing that excelling at static financial knowledge tasks does not necessarily translate into successful trading strategies. We release StockBench as an open-source resource to support reproducibility and advance future research in this domain.

The use of NLP in the realm of financial technology is broad and complex, with applications ranging from sentiment analysis and named entity recognition to question answering. Large Language Models (LLMs) have been shown to be effective on a variety of tasks; however, no LLM specialized for the financial domain has been reported in literature. In this work, we present BloombergGPT, a 50 billion parameter language model that is trained on a wide range of financial data. We construct a 363 billion token dataset based on Bloomberg's extensive data sources, perhaps the largest domain-specific dataset yet, augmented with 345 billion tokens from general purpose datasets. We validate BloombergGPT on standard LLM benchmarks, open financial benchmarks, and a suite of internal benchmarks that most accurately reflect our intended usage. Our mixed dataset training leads to a model that outperforms existing models on financial tasks by significant margins without sacrificing performance on general LLM benchmarks. Additionally, we explain our modeling choices, training process, and evaluation methodology. As a next step, we plan to release training logs (Chronicles) detailing our experience in training BloombergGPT.

Despite Greece's pivotal role in the global economy, large language models (LLMs) remain underexplored for Greek financial context due to the linguistic complexity of Greek and the scarcity of domain-specific datasets. Previous efforts in multilingual financial natural language processing (NLP) have exposed considerable performance disparities, yet no dedicated Greek financial benchmarks or Greek-specific financial LLMs have been developed until now. To bridge this gap, we introduce Plutus-ben, the first Greek Financial Evaluation Benchmark, and Plutus-8B, the pioneering Greek Financial LLM, fine-tuned with Greek domain-specific data. Plutus-ben addresses five core financial NLP tasks in Greek: numeric and textual named entity recognition, question answering, abstractive summarization, and topic classification, thereby facilitating systematic and reproducible LLM assessments. To underpin these tasks, we present three novel, high-quality Greek financial datasets, thoroughly annotated by expert native Greek speakers, augmented by two existing resources. Our comprehensive evaluation of 22 LLMs on Plutus-ben reveals that Greek financial NLP remains challenging due to linguistic complexity, domain-specific terminology, and financial reasoning gaps. These findings underscore the limitations of cross-lingual transfer, the necessity for financial expertise in Greek-trained models, and the challenges of adapting financial LLMs to Greek text. We release Plutus-ben, Plutus-8B, and all associated datasets publicly to promote reproducible research and advance Greek financial NLP, fostering broader multilingual inclusivity in finance.

Large language models (LLMs) are now widely used in various fields, including finance. However, Japanese financial-specific LLMs have not been proposed yet. Hence, this study aims to construct a Japanese financial-specific LLM through continual pre-training. Before tuning, we constructed Japanese financial-focused datasets for continual pre-training. As a base model, we employed a Japanese LLM that achieved state-of-the-art performance on Japanese financial benchmarks among the 10-billion-class parameter models. After continual pre-training using the datasets and the base model, the tuned model performed better than the original model on the Japanese financial benchmarks. Moreover, the outputs comparison results reveal that the tuned model's outputs tend to be better than the original model's outputs in terms of the quality and length of the answers. These findings indicate that domain-specific continual pre-training is also effective for LLMs. The tuned model is publicly available on Hugging Face.

Large language models (LLMs) have demonstrated strong capabilities in language understanding, generation, and reasoning, yet their potential in finance remains underexplored due to the complexity and specialization of financial knowledge. In this work, we report the development of the Baichuan4-Finance series, including a comprehensive suite of foundational Baichuan4-Finance-Base and an aligned language model Baichuan4-Finance, which are built upon Baichuan4-Turbo base model and tailored for finance domain. Firstly, we have dedicated significant effort to building a detailed pipeline for improving data quality. Moreover, in the continual pre-training phase, we propose a novel domain self-constraint training strategy, which enables Baichuan4-Finance-Base to acquire financial knowledge without losing general capabilities. After Supervised Fine-tuning and Reinforcement Learning from Human Feedback and AI Feedback, the chat model Baichuan4-Finance is able to tackle various financial certification questions and real-world scenario applications. We evaluate Baichuan4-Finance on many widely used general datasets and two holistic financial benchmarks. The evaluation results show that Baichuan4-Finance-Base surpasses almost all competitive baselines on financial tasks by significant margins without sacrificing performance on general LLM benchmarks. At the same time, Baichuan4-Finance demonstrates even more impressive performance on financial application scenarios, showcasing its potential to foster community innovation in the financial LLM field.

In recent years, multimodal benchmarks for general domains have guided the rapid development of multimodal models on general tasks. However, the financial field has its peculiarities. It features unique graphical images (e.g., candlestick charts, technical indicator charts) and possesses a wealth of specialized financial knowledge (e.g., futures, turnover rate). Therefore, benchmarks from general fields often fail to measure the performance of multimodal models in the financial domain, and thus cannot effectively guide the rapid development of large financial models. To promote the development of large financial multimodal models, we propose MME-Finance, an bilingual open-ended and practical usage-oriented Visual Question Answering (VQA) benchmark. The characteristics of our benchmark are finance and expertise, which include constructing charts that reflect the actual usage needs of users (e.g., computer screenshots and mobile photography), creating questions according to the preferences in financial domain inquiries, and annotating questions by experts with 10+ years of experience in the financial industry. Additionally, we have developed a custom-designed financial evaluation system in which visual information is first introduced in the multi-modal evaluation process. Extensive experimental evaluations of 19 mainstream MLLMs are conducted to test their perception, reasoning, and cognition capabilities. The results indicate that models performing well on general benchmarks cannot do well on MME-Finance; for instance, the top-performing open-source and closed-source models obtain 65.69 (Qwen2VL-72B) and 63.18 (GPT-4o), respectively. Their performance is particularly poor in categories most relevant to finance, such as candlestick charts and technical indicator charts. In addition, we propose a Chinese version, which helps compare performance of MLLMs under a Chinese context.

Large Language Models (LLMs) have demonstrated impressive capabilities across various domains, but their effectiveness in financial decision-making remains inadequately evaluated. Current benchmarks primarily assess LLMs' understanding on financial documents rather than the ability to manage assets or dig out trading opportunities in dynamic market conditions. Despite the release of new benchmarks for evaluating diversified tasks on the financial domain, we identified four major problems in these benchmarks, which are data leakage, navel-gazing, over-intervention, and maintenance-hard. To pave the research gap, we introduce DeepFund, a comprehensive arena platform for evaluating LLM-based trading strategies in a live environment. Our approach implements a multi-agent framework where they serve as multiple key roles that realize the real-world investment decision processes. Moreover, we provide a web interface that visualizes LLMs' performance with fund investment metrics across different market conditions, enabling detailed comparative analysis. Through DeepFund, we aim to provide a more realistic and fair assessment on LLM's capabilities in fund investment, offering diversified insights and revealing their potential applications in real-world financial markets. Our code is publicly available at https://github.com/HKUSTDial/DeepFund.

The application of large language models (LLMs) in domain-specific contexts, including finance, has expanded rapidly. Domain-specific LLMs are typically evaluated based on their performance in various downstream tasks relevant to the domain. In this work, we present a detailed analysis of fine-tuning LLMs for such tasks. Somewhat counterintuitively, we find that in domain-specific cases, fine-tuning exclusively on the target task is not always the most effective strategy. Instead, multi-task finetuning - where models are trained on a cocktail of related tasks - can significantly enhance performance. We demonstrate how this approach enables a small model, such as Phi-3-Mini, to achieve state-of-the-art results, even surpassing the much larger GPT-4-o model on financial benchmarks. Our study involves a large-scale experiment, conducting over 200 training experiments using several widely adopted LLMs as baselines, and empirically confirms the benefits of multi-task fine-tuning. Additionally, we explore the use of general instruction data as a form of regularization, suggesting that it helps minimize performance degradation. We also investigate the inclusion of mathematical data, finding improvements in numerical reasoning that transfer effectively to financial tasks. Finally, we note that while fine-tuning for downstream tasks leads to targeted improvements in task performance, it does not necessarily result in broader gains in domain knowledge or complex domain reasoning abilities.

Process Reward Models (PRMs) have emerged as a promising framework for supervising intermediate reasoning in large language models (LLMs), yet existing PRMs are primarily trained on general or Science, Technology, Engineering, and Mathematics (STEM) domains and fall short in domain-specific contexts such as finance, where reasoning is more structured, symbolic, and sensitive to factual and regulatory correctness. We introduce Fin-PRM, a domain-specialized, trajectory-aware PRM tailored to evaluate intermediate reasoning steps in financial tasks. Fin-PRM integrates step-level and trajectory-level reward supervision, enabling fine-grained evaluation of reasoning traces aligned with financial logic. We apply Fin-PRM in both offline and online reward learning settings, supporting three key applications: (i) selecting high-quality reasoning trajectories for distillation-based supervised fine-tuning, (ii) providing dense process-level rewards for reinforcement learning, and (iii) guiding reward-informed Best-of-N inference at test time. Experimental results on financial reasoning benchmarks, including CFLUE and FinQA, demonstrate that Fin-PRM consistently outperforms general-purpose PRMs and strong domain baselines in trajectory selection quality. Downstream models trained with Fin-PRM yield substantial improvements with baselines, with gains of 12.9\% in supervised learning, 5.2\% in reinforcement learning, and 5.1\% in test-time performance. These findings highlight the value of domain-specialized reward modeling for aligning LLMs with expert-level financial reasoning. Our project resources will be available at https://github.com/aliyun/qwen-dianjin.

We present a new financial domain large language model, InvestLM, tuned on LLaMA-65B (Touvron et al., 2023), using a carefully curated instruction dataset related to financial investment. Inspired by less-is-more-for-alignment (Zhou et al., 2023), we manually curate a small yet diverse instruction dataset, covering a wide range of financial related topics, from Chartered Financial Analyst (CFA) exam questions to SEC filings to Stackexchange quantitative finance discussions. InvestLM shows strong capabilities in understanding financial text and provides helpful responses to investment related questions. Financial experts, including hedge fund managers and research analysts, rate InvestLM's response as comparable to those of state-of-the-art commercial models (GPT-3.5, GPT-4 and Claude-2). Zero-shot evaluation on a set of financial NLP benchmarks demonstrates strong generalizability. From a research perspective, this work suggests that a high-quality domain specific LLM can be tuned using a small set of carefully curated instructions on a well-trained foundation model, which is consistent with the Superficial Alignment Hypothesis (Zhou et al., 2023). From a practical perspective, this work develops a state-of-the-art financial domain LLM with superior capability in understanding financial texts and providing helpful investment advice, potentially enhancing the work efficiency of financial professionals. We release the model parameters to the research community.

Large Language Models (LLMs) perform well in general QA but often struggle in domain-specific scenarios. Retrieval-Augmented Generation (RAG) introduces external knowledge but suffers from hallucinations and latency due to noisy retrievals. Continued pretraining internalizes domain knowledge but is costly and lacks cross-domain flexibility. We attribute this challenge to the long-tail distribution of domain knowledge, which leaves partial yet useful internal knowledge underutilized. We further argue that knowledge acquisition should be progressive, mirroring human learning: first understanding concepts, then applying them to complex reasoning. To address this, we propose Selct2Know (S2K), a cost-effective framework that internalizes domain knowledge through an internal-external knowledge self-selection strategy and selective supervised fine-tuning. We also introduce a structured reasoning data generation pipeline and integrate GRPO to enhance reasoning ability. Experiments on medical, legal, and financial QA benchmarks show that S2K consistently outperforms existing methods and matches domain-pretrained LLMs with significantly lower cost.

Pre-trained language models have shown impressive performance on a variety of tasks and domains. Previous research on financial language models usually employs a generic training scheme to train standard model architectures, without completely leveraging the richness of the financial data. We propose a novel domain specific Financial LANGuage model (FLANG) which uses financial keywords and phrases for better masking, together with span boundary objective and in-filing objective. Additionally, the evaluation benchmarks in the field have been limited. To this end, we contribute the Financial Language Understanding Evaluation (FLUE), an open-source comprehensive suite of benchmarks for the financial domain. These include new benchmarks across 5 NLP tasks in financial domain as well as common benchmarks used in the previous research. Experiments on these benchmarks suggest that our model outperforms those in prior literature on a variety of NLP tasks. Our models, code and benchmark data are publicly available on Github and Huggingface.

While the progression of Large Language Models (LLMs) has notably propelled financial analysis, their application has largely been confined to singular language realms, leaving untapped the potential of bilingual Chinese-English capacity. To bridge this chasm, we introduce ICE-PIXIU, seamlessly amalgamating the ICE-INTENT model and ICE-FLARE benchmark for bilingual financial analysis. ICE-PIXIU uniquely integrates a spectrum of Chinese tasks, alongside translated and original English datasets, enriching the breadth and depth of bilingual financial modeling. It provides unrestricted access to diverse model variants, a substantial compilation of diverse cross-lingual and multi-modal instruction data, and an evaluation benchmark with expert annotations, comprising 10 NLP tasks, 20 bilingual specific tasks, totaling 1,185k datasets. Our thorough evaluation emphasizes the advantages of incorporating these bilingual datasets, especially in translation tasks and utilizing original English data, enhancing both linguistic flexibility and analytical acuity in financial contexts. Notably, ICE-INTENT distinguishes itself by showcasing significant enhancements over conventional LLMs and existing financial LLMs in bilingual milieus, underscoring the profound impact of robust bilingual data on the accuracy and efficacy of financial NLP.

Low-rank adaptation (LoRA) methods show great potential for scaling pre-trained general-purpose Large Language Models (LLMs) to hundreds or thousands of use scenarios. However, their efficacy in high-stakes domains like finance is rarely explored, e.g., passing CFA exams and analyzing SEC filings. In this paper, we present the open-source FinLoRA project that benchmarks LoRA methods on both general and highly professional financial tasks. First, we curated 19 datasets covering diverse financial applications; in particular, we created four novel XBRL analysis datasets based on 150 SEC filings. Second, we evaluated five LoRA methods and five base LLMs. Finally, we provide extensive experimental results in terms of accuracy, F1, and BERTScore and report computational cost in terms of time and GPU memory during fine-tuning and inference stages. We find that LoRA methods achieved substantial performance gains of 36\% on average over base models. Our FinLoRA project provides an affordable and scalable approach to democratize financial intelligence to the general public. Datasets, LoRA adapters, code, and documentation are available at https://github.com/Open-Finance-Lab/FinLoRA

Large Language Models (LLMs) have shown promise for financial applications, yet their suitability for this high-stakes domain remains largely unproven due to inadequacies in existing benchmarks. Existing benchmarks solely rely on score-level evaluation, summarizing performance with a single score that obscures the nuanced understanding of what models truly know and their precise limitations. They also rely on datasets that cover only a narrow subset of financial concepts, while overlooking other essentials for real-world applications. To address these gaps, we introduce FinCDM, the first cognitive diagnosis evaluation framework tailored for financial LLMs, enabling the evaluation of LLMs at the knowledge-skill level, identifying what financial skills and knowledge they have or lack based on their response patterns across skill-tagged tasks, rather than a single aggregated number. We construct CPA-QKA, the first cognitively informed financial evaluation dataset derived from the Certified Public Accountant (CPA) examination, with comprehensive coverage of real-world accounting and financial skills. It is rigorously annotated by domain experts, who author, validate, and annotate questions with high inter-annotator agreement and fine-grained knowledge labels. Our extensive experiments on 30 proprietary, open-source, and domain-specific LLMs show that FinCDM reveals hidden knowledge gaps, identifies under-tested areas such as tax and regulatory reasoning overlooked by traditional benchmarks, and uncovers behavioral clusters among models. FinCDM introduces a new paradigm for financial LLM evaluation by enabling interpretable, skill-aware diagnosis that supports more trustworthy and targeted model development, and all datasets and evaluation scripts will be publicly released to support further research.

We introduce FinanceReasoning, a novel benchmark designed to evaluate the reasoning capabilities of large reasoning models (LRMs) in financial numerical reasoning problems. Compared to existing benchmarks, our work provides three key advancements. (1) Credibility: We update 15.6% of the questions from four public datasets, annotating 908 new questions with detailed Python solutions and rigorously refining evaluation standards. This enables an accurate assessment of the reasoning improvements of LRMs. (2) Comprehensiveness: FinanceReasoning covers 67.8% of financial concepts and formulas, significantly surpassing existing datasets. Additionally, we construct 3,133 Python-formatted functions, which enhances LRMs' financial reasoning capabilities through refined knowledge (e.g., 83.2% rightarrow 91.6% for GPT-4o). (3) Challenge: Models are required to apply multiple financial formulas for precise numerical reasoning on 238 Hard problems. The best-performing model (i.e., OpenAI o1 with PoT) achieves 89.1% accuracy, yet LRMs still face challenges in numerical precision. We demonstrate that combining Reasoner and Programmer models can effectively enhance LRMs' performance (e.g., 83.2% rightarrow 87.8% for DeepSeek-R1). Our work paves the way for future research on evaluating and improving LRMs in domain-specific complex reasoning tasks.

Large language models (LLMs) have become powerful tools for advancing natural language processing applications in the financial industry. However, existing financial LLMs often face challenges such as hallucinations or superficial parameter training, resulting in suboptimal performance, particularly in financial computing and machine reading comprehension (MRC). To address these issues, we propose a novel large language model specifically designed for the Chinese financial domain, named SNFinLLM. SNFinLLM excels in domain-specific tasks such as answering questions, summarizing financial research reports, analyzing sentiment, and executing financial calculations. We then perform the supervised fine-tuning (SFT) to enhance the model's proficiency across various financial domains. Specifically, we gather extensive financial data and create a high-quality instruction dataset composed of news articles, professional papers, and research reports of finance domain. Utilizing both domain-specific and general datasets, we proceed with continuous pre-training on an established open-source base model, resulting in SNFinLLM-base. Following this, we engage in supervised fine-tuning (SFT) to bolster the model's capability across multiple financial tasks. Crucially, we employ a straightforward Direct Preference Optimization (DPO) method to better align the model with human preferences. Extensive experiments conducted on finance benchmarks and our evaluation dataset demonstrate that SNFinLLM markedly outperforms other state-of-the-art financial language models. For more details, check out our demo video here: https://www.youtube.com/watch?v=GYT-65HZwus.

We propose Multiple Experts Fine-tuning Framework to build a financial large language model (LLM), DISC-FinLLM. Our methodology improves general LLMs by endowing them with multi-turn question answering abilities, domain text processing capabilities, mathematical computation skills, and retrieval-enhanced generation capabilities. We build a financial instruction-tuning dataset named DISC-FIN-SFT, including instruction samples of four categories (consulting, NLP tasks, computing and retrieval-augmented generation). Evaluations conducted on multiple benchmarks demonstrate that our model performs better than baseline models in various financial scenarios. Further resources can be found at https://github.com/FudanDISC/DISC-FinLLM.

We introduce FinTagging, the first full-scope, table-aware XBRL benchmark designed to evaluate the structured information extraction and semantic alignment capabilities of large language models (LLMs) in the context of XBRL-based financial reporting. Unlike prior benchmarks that oversimplify XBRL tagging as flat multi-class classification and focus solely on narrative text, FinTagging decomposes the XBRL tagging problem into two subtasks: FinNI for financial entity extraction and FinCL for taxonomy-driven concept alignment. It requires models to jointly extract facts and align them with the full 10k+ US-GAAP taxonomy across both unstructured text and structured tables, enabling realistic, fine-grained evaluation. We assess a diverse set of LLMs under zero-shot settings, systematically analyzing their performance on both subtasks and overall tagging accuracy. Our results reveal that, while LLMs demonstrate strong generalization in information extraction, they struggle with fine-grained concept alignment, particularly in disambiguating closely related taxonomy entries. These findings highlight the limitations of existing LLMs in fully automating XBRL tagging and underscore the need for improved semantic reasoning and schema-aware modeling to meet the demands of accurate financial disclosure. Code is available at our GitHub repository and data is at our Hugging Face repository.

With the recent development of large language models (LLMs), models that focus on certain domains and languages have been discussed for their necessity. There is also a growing need for benchmarks to evaluate the performance of current LLMs in each domain. Therefore, in this study, we constructed a benchmark comprising multiple tasks specific to the Japanese and financial domains and performed benchmark measurements on some models. Consequently, we confirmed that GPT-4 is currently outstanding, and that the constructed benchmarks function effectively. According to our analysis, our benchmark can differentiate benchmark scores among models in all performance ranges by combining tasks with different difficulties.

To advance Chinese financial natural language processing (NLP), we introduce BBT-FinT5, a new Chinese financial pre-training language model based on the T5 model. To support this effort, we have built BBT-FinCorpus, a large-scale financial corpus with approximately 300GB of raw text from four different sources. In general domain NLP, comprehensive benchmarks like GLUE and SuperGLUE have driven significant advancements in language model pre-training by enabling head-to-head comparisons among models. Drawing inspiration from these benchmarks, we propose BBT-CFLEB, a Chinese Financial Language understanding and generation Evaluation Benchmark, which includes six datasets covering both understanding and generation tasks. Our aim is to facilitate research in the development of NLP within the Chinese financial domain. Our model, corpus and benchmark are released at https://github.com/ssymmetry/BBT-FinCUGE-Applications. Our work belongs to the Big Bang Transformer (BBT), a large-scale pre-trained language model project.

Most reasoning benchmarks for LLMs emphasize factual accuracy or step-by-step logic. In finance, however, professionals must not only converge on optimal decisions but also generate creative, plausible futures under uncertainty. We introduce ConDiFi, a benchmark that jointly evaluates divergent and convergent thinking in LLMs for financial tasks. ConDiFi features 607 macro-financial prompts for divergent reasoning and 990 multi-hop adversarial MCQs for convergent reasoning. Using this benchmark, we evaluated 14 leading models and uncovered striking differences. Despite high fluency, GPT-4o underperforms on Novelty and Actionability. In contrast, models like DeepSeek-R1 and Cohere Command R+ rank among the top for generating actionable, insights suitable for investment decisions. ConDiFi provides a new perspective to assess reasoning capabilities essential to safe and strategic deployment of LLMs in finance.

Multi-step symbolic reasoning is critical for advancing downstream performance on financial tasks. Yet, benchmarks for systematically evaluating this capability are lacking. Existing datasets like FinQA and ConvFinQA supervise only final numerical answers, without assessing intermediate reasoning steps. To address this, we introduce FinChain, the first symbolic benchmark designed for verifiable Chain-of- Thought (CoT) financial reasoning. Spanning 54 topics across 12 financial domains, Fin- Chain offers five parameterized templates per topic, each varying in reasoning complexity and domain expertise required. Each dataset instance includes an executable Python trace, enabling automatic generation of extensive training data and easy adaptation to other domains. We also introduce ChainEval, a new metric for automatic evaluation of both final answers and intermediate reasoning. Benchmarking 30 LLMs on our dataset, we find that even state-of-the-art models have considerable room for improvement in multi-step financial reasoning. All templates and evaluation metrics for FinChain are available at https: //github.com/mbzuai-nlp/finchain.

We introduce KFinEval-Pilot, a benchmark suite specifically designed to evaluate large language models (LLMs) in the Korean financial domain. Addressing the limitations of existing English-centric benchmarks, KFinEval-Pilot comprises over 1,000 curated questions across three critical areas: financial knowledge, legal reasoning, and financial toxicity. The benchmark is constructed through a semi-automated pipeline that combines GPT-4-generated prompts with expert validation to ensure domain relevance and factual accuracy. We evaluate a range of representative LLMs and observe notable performance differences across models, with trade-offs between task accuracy and output safety across different model families. These results highlight persistent challenges in applying LLMs to high-stakes financial applications, particularly in reasoning and safety. Grounded in real-world financial use cases and aligned with the Korean regulatory and linguistic context, KFinEval-Pilot serves as an early diagnostic tool for developing safer and more reliable financial AI systems.

Financial large language models (FinLLMs) with multimodal capabilities are envisioned to revolutionize applications across business, finance, accounting, and auditing. However, real-world adoption requires robust benchmarks of FinLLMs' and agents' performance. Maintaining an open leaderboard of models is crucial for encouraging innovative adoption and improving model effectiveness. In collaboration with Linux Foundation and Hugging Face, we create an open FinLLM leaderboard, which serves as an open platform for assessing and comparing LLMs' performance on a wide spectrum of financial tasks. By demoncratizing access to advanced AI tools and financial knowledge, a chatbot or agent may enhance the analytical capabilities of the general public to a professional-level within a few months of usage. This open leaderboard welcomes contributions from academia, open-source community, industry, and stakeholders. In particular, we encourage contributions of new datasets, tasks, and models for continual update. Through fostering a collaborative and open ecosystem, we seek to ensure the long-term sustainability and relevance of LLMs and agents as they evolve with the financial sector's needs.

A number of datasets for Relation Extraction (RE) have been created to aide downstream tasks such as information retrieval, semantic search, question answering and textual entailment. However, these datasets fail to capture financial-domain specific challenges since most of these datasets are compiled using general knowledge sources such as Wikipedia, web-based text and news articles, hindering real-life progress and adoption within the financial world. To address this limitation, we propose REFinD, the first large-scale annotated dataset of relations, with sim29K instances and 22 relations amongst 8 types of entity pairs, generated entirely over financial documents. We also provide an empirical evaluation with various state-of-the-art models as benchmarks for the RE task and highlight the challenges posed by our dataset. We observed that various state-of-the-art deep learning models struggle with numeric inference, relational and directional ambiguity.

Large language models (LLMs) have advanced financial applications, yet they often lack sufficient financial knowledge and struggle with tasks involving multi-modal inputs like tables and time series data. To address these limitations, we introduce Open-FinLLMs, a series of Financial LLMs. We begin with FinLLaMA, pre-trained on a 52 billion token financial corpus, incorporating text, tables, and time-series data to embed comprehensive financial knowledge. FinLLaMA is then instruction fine-tuned with 573K financial instructions, resulting in FinLLaMA-instruct, which enhances task performance. Finally, we present FinLLaVA, a multimodal LLM trained with 1.43M image-text instructions to handle complex financial data types. Extensive evaluations demonstrate FinLLaMA's superior performance over LLaMA3-8B, LLaMA3.1-8B, and BloombergGPT in both zero-shot and few-shot settings across 19 and 4 datasets, respectively. FinLLaMA-instruct outperforms GPT-4 and other Financial LLMs on 15 datasets. FinLLaVA excels in understanding tables and charts across 4 multimodal tasks. Additionally, FinLLaMA achieves impressive Sharpe Ratios in trading simulations, highlighting its robust financial application capabilities. We will continually maintain and improve our models and benchmarks to support ongoing innovation in academia and industry.

As large language models become increasingly prevalent in the financial sector, there is a pressing need for a standardized method to comprehensively assess their performance. However, existing finance benchmarks often suffer from limited language and task coverage, as well as challenges such as low-quality datasets and inadequate adaptability for LLM evaluation. To address these limitations, we propose "Golden Touchstone", the first comprehensive bilingual benchmark for financial LLMs, which incorporates representative datasets from both Chinese and English across eight core financial NLP tasks. Developed from extensive open source data collection and industry-specific demands, this benchmark includes a variety of financial tasks aimed at thoroughly assessing models' language understanding and generation capabilities. Through comparative analysis of major models on the benchmark, such as GPT-4o Llama3, FinGPT and FinMA, we reveal their strengths and limitations in processing complex financial information. Additionally, we open-sourced Touchstone-GPT, a financial LLM trained through continual pre-training and financial instruction tuning, which demonstrates strong performance on the bilingual benchmark but still has limitations in specific tasks.This research not only provides the financial large language models with a practical evaluation tool but also guides the development and optimization of future research. The source code for Golden Touchstone and model weight of Touchstone-GPT have been made publicly available at https://github.com/IDEA-FinAI/Golden-Touchstone, contributing to the ongoing evolution of FinLLMs and fostering further research in this critical area.

Large Language Models (LLMs) frequently hallucinate to long-form questions, producing plausible yet factually incorrect answers. A common mitigation strategy is to provide attribution to LLM outputs. However, existing benchmarks primarily focus on simple attribution that retrieves supporting textual evidence as references. We argue that in real-world scenarios such as financial applications, attribution goes beyond reference retrieval. We introduce FinLFQA, a benchmark designed to evaluate the ability of LLMs to generate long-form answers to complex financial questions with reliable and nuanced attributions. FinLFQA evaluates three critical aspects of attribution through human annotations: (1) supporting evidence extracted from financial reports, (2) intermediate numerical reasoning steps, and (3) domain-specific financial knowledge that informs the reasoning process. We further provide an automatic evaluation framework covering both answer quality and attribution quality. Through extensive experiments on eight LLMs across multiple attribution-generation paradigms, we find that fine-grained metrics are important to distinguish model capabilities, that end-to-end generation achieves comparable performance to post-hoc approaches, and that iterative refinement only helps when guided by external feedback.

Large Language Models (LLMs) have recently been leveraged for asset pricing tasks and stock trading applications, enabling AI agents to generate investment decisions from unstructured financial data. However, most evaluations of LLM timing-based investing strategies are conducted on narrow timeframes and limited stock universes, overstating effectiveness due to survivorship and data-snooping biases. We critically assess their generalizability and robustness by proposing FINSABER, a backtesting framework evaluating timing-based strategies across longer periods and a larger universe of symbols. Systematic backtests over two decades and 100+ symbols reveal that previously reported LLM advantages deteriorate significantly under broader cross-section and over a longer-term evaluation. Our market regime analysis further demonstrates that LLM strategies are overly conservative in bull markets, underperforming passive benchmarks, and overly aggressive in bear markets, incurring heavy losses. These findings highlight the need to develop LLM strategies that are able to prioritise trend detection and regime-aware risk controls over mere scaling of framework complexity.

Domain specificity of embedding models is critical for effective performance. However, existing benchmarks, such as FinMTEB, are primarily designed for high-resource languages, leaving low-resource settings, such as Korean, under-explored. Directly translating established English benchmarks often fails to capture the linguistic and cultural nuances present in low-resource domains. In this paper, titled TWICE: What Advantages Can Low-Resource Domain-Specific Embedding Models Bring? A Case Study on Korea Financial Texts, we introduce KorFinMTEB, a novel benchmark for the Korean financial domain, specifically tailored to reflect its unique cultural characteristics in low-resource languages. Our experimental results reveal that while the models perform robustly on a translated version of FinMTEB, their performance on KorFinMTEB uncovers subtle yet critical discrepancies, especially in tasks requiring deeper semantic understanding, that underscore the limitations of direct translation. This discrepancy highlights the necessity of benchmarks that incorporate language-specific idiosyncrasies and cultural nuances. The insights from our study advocate for the development of domain-specific evaluation frameworks that can more accurately assess and drive the progress of embedding models in low-resource settings.

Recent advancements have underscored the potential of large language model (LLM)-based agents in financial decision-making. Despite this progress, the field currently encounters two main challenges: (1) the lack of a comprehensive LLM agent framework adaptable to a variety of financial tasks, and (2) the absence of standardized benchmarks and consistent datasets for assessing agent performance. To tackle these issues, we introduce InvestorBench, the first benchmark specifically designed for evaluating LLM-based agents in diverse financial decision-making contexts. InvestorBench enhances the versatility of LLM-enabled agents by providing a comprehensive suite of tasks applicable to different financial products, including single equities like stocks, cryptocurrencies and exchange-traded funds (ETFs). Additionally, we assess the reasoning and decision-making capabilities of our agent framework using thirteen different LLMs as backbone models, across various market environments and tasks. Furthermore, we have curated a diverse collection of open-source, multi-modal datasets and developed a comprehensive suite of environments for financial decision-making. This establishes a highly accessible platform for evaluating financial agents' performance across various scenarios.

Generative chat models, such as ChatGPT and GPT-4, have revolutionized natural language generation (NLG) by incorporating instructions and human feedback to achieve significant performance improvements. However, the lack of standardized evaluation benchmarks for chat models, particularly for Chinese and domain-specific models, hinders their assessment and progress. To address this gap, we introduce the Chinese Generative Chat Evaluation (CGCE) benchmark, focusing on general and financial domains. The CGCE benchmark encompasses diverse tasks, including 200 questions in the general domain and 150 specific professional questions in the financial domain. Manual scoring evaluates factors such as accuracy, coherence, expression clarity, and completeness. The CGCE benchmark provides researchers with a standardized framework to assess and compare Chinese generative chat models, fostering advancements in NLG research.

This paper presents a novel hierarchical framework for portfolio optimization, integrating lightweight Large Language Models (LLMs) with Deep Reinforcement Learning (DRL) to combine sentiment signals from financial news with traditional market indicators. Our three-tier architecture employs base RL agents to process hybrid data, meta-agents to aggregate their decisions, and a super-agent to merge decisions based on market data and sentiment analysis. Evaluated on data from 2018 to 2024, after training on 2000-2017, the framework achieves a 26% annualized return and a Sharpe ratio of 1.2, outperforming equal-weighted and S&P 500 benchmarks. Key contributions include scalable cross-modal integration, a hierarchical RL structure for enhanced stability, and open-source reproducibility.

In light of recent breakthroughs in large language models (LLMs) that have revolutionized natural language processing (NLP), there is an urgent need for new benchmarks to keep pace with the fast development of LLMs. In this paper, we propose CFLUE, the Chinese Financial Language Understanding Evaluation benchmark, designed to assess the capability of LLMs across various dimensions. Specifically, CFLUE provides datasets tailored for both knowledge assessment and application assessment. In knowledge assessment, it consists of 38K+ multiple-choice questions with associated solution explanations. These questions serve dual purposes: answer prediction and question reasoning. In application assessment, CFLUE features 16K+ test instances across distinct groups of NLP tasks such as text classification, machine translation, relation extraction, reading comprehension, and text generation. Upon CFLUE, we conduct a thorough evaluation of representative LLMs. The results reveal that only GPT-4 and GPT-4-turbo achieve an accuracy exceeding 60\% in answer prediction for knowledge assessment, suggesting that there is still substantial room for improvement in current LLMs. In application assessment, although GPT-4 and GPT-4-turbo are the top two performers, their considerable advantage over lightweight LLMs is noticeably diminished. The datasets and scripts associated with CFLUE are openly accessible at https://github.com/aliyun/cflue.

The increasing rate of road accidents worldwide results not only in significant loss of life but also imposes billions financial burdens on societies. Current research in traffic crash frequency modeling and analysis has predominantly approached the problem as classification tasks, focusing mainly on learning-based classification or ensemble learning methods. These approaches often overlook the intricate relationships among the complex infrastructure, environmental, human and contextual factors related to traffic crashes and risky situations. In contrast, we initially propose a large-scale traffic crash language dataset, named CrashEvent, summarizing 19,340 real-world crash reports and incorporating infrastructure data, environmental and traffic textual and visual information in Washington State. Leveraging this rich dataset, we further formulate the crash event feature learning as a novel text reasoning problem and further fine-tune various large language models (LLMs) to predict detailed accident outcomes, such as crash types, severity and number of injuries, based on contextual and environmental factors. The proposed model, CrashLLM, distinguishes itself from existing solutions by leveraging the inherent text reasoning capabilities of LLMs to parse and learn from complex, unstructured data, thereby enabling a more nuanced analysis of contributing factors. Our experiments results shows that our LLM-based approach not only predicts the severity of accidents but also classifies different types of accidents and predicts injury outcomes, all with averaged F1 score boosted from 34.9% to 53.8%. Furthermore, CrashLLM can provide valuable insights for numerous open-world what-if situational-awareness traffic safety analyses with learned reasoning features, which existing models cannot offer. We make our benchmark, datasets, and model public available for further exploration.

We introduce KnowledgeMath, a novel benchmark designed to evaluate LLMs' capabilities in applying financial knowledge to solve complex math word problems. Compared to prior works, this study features three core advancements. First, KnowledgeMath includes 1,259 problems with a hybrid of textual and tabular content and require college-level knowledge in the finance domain for effective resolution. Second, we provide expert-annotated, detailed solution references in Python program format, ensuring a high-quality benchmark for LLM assessment. Finally, we evaluate a wide spectrum of 14 LLMs with different prompting strategies like Chain-of-Thoughts and Program-of-Thoughts. The current best-performing system (i.e., GPT-4 with Program-of-Thoughts) achieves only 45.4% accuracy, leaving substantial room for improvement. While knowledge-augmented LLMs can improve the performance (e.g., from 23.9% to 32.0% for GPT-3.5), it is still significantly lower the estimated human expert performance of 94%. We believe that KnowledgeMath can facilitate future research on domain-specific knowledge retrieval and augmentation into the math word problem-solving process. We will release the benchmark and code at https://github.com/yale-nlp/KnowledgeMath.

Over the past decade, tremendous progress has been made in Recommender Systems (RecSys) for well-known tasks such as next-item and next-basket prediction. On the other hand, the recently proposed next-period recommendation (NPR) task is not covered as much. Current works about NPR are mostly based around distinct problem formulations, methods, and proprietary datasets, making solutions difficult to reproduce. In this article, we aim to fill the gap in RecSys methods evaluation on the NPR task using publicly available datasets and (1) introduce the TTRS, a large-scale financial transactions dataset suitable for RecSys methods evaluation; (2) benchmark popular RecSys approaches on several datasets for the NPR task. When performing our analysis, we found a strong repetitive consumption pattern in several real-world datasets. With this setup, our results suggest that the repetitive nature of data is still hard to generalize for the evaluated RecSys methods, and novel item prediction performance is still questionable.

The integration of Artificial Intelligence (AI) in the financial domain has opened new avenues for quantitative trading, particularly through the use of Large Language Models (LLMs). However, the challenge of effectively synthesizing insights from diverse data sources and integrating both structured and unstructured data persists. This paper presents TradeExpert, a novel framework that employs a mix of experts (MoE) approach, using four specialized LLMs, each analyzing distinct sources of financial data, including news articles, market data, alpha factors, and fundamental data. The insights of these expert LLMs are further synthesized by a General Expert LLM to make a final prediction or decision. With specific prompts, TradeExpert can be switched between the prediction mode and the ranking mode for stock movement prediction and quantitative stock trading, respectively. In addition to existing benchmarks, we also release a large-scale financial dataset to comprehensively evaluate TradeExpert's effectiveness. Our experimental results demonstrate TradeExpert's superior performance across all trading scenarios.

Although large language models (LLMs) has shown great performance on natural language processing (NLP) in the financial domain, there are no publicly available financial tailtored LLMs, instruction tuning datasets, and evaluation benchmarks, which is critical for continually pushing forward the open-source development of financial artificial intelligence (AI). This paper introduces PIXIU, a comprehensive framework including the first financial LLM based on fine-tuning LLaMA with instruction data, the first instruction data with 136K data samples to support the fine-tuning, and an evaluation benchmark with 5 tasks and 9 datasets. We first construct the large-scale multi-task instruction data considering a variety of financial tasks, financial document types, and financial data modalities. We then propose a financial LLM called FinMA by fine-tuning LLaMA with the constructed dataset to be able to follow instructions for various financial tasks. To support the evaluation of financial LLMs, we propose a standardized benchmark that covers a set of critical financial tasks, including five financial NLP tasks and one financial prediction task. With this benchmark, we conduct a detailed analysis of FinMA and several existing LLMs, uncovering their strengths and weaknesses in handling critical financial tasks. The model, datasets, benchmark, and experimental results are open-sourced to facilitate future research in financial AI.

Embedding models play a crucial role in representing and retrieving information across various NLP applications. Recent advances in large language models (LLMs) have further enhanced the performance of embedding models. While these models are often benchmarked on general-purpose datasets, real-world applications demand domain-specific evaluation. In this work, we introduce the Finance Massive Text Embedding Benchmark (FinMTEB), a specialized counterpart to MTEB designed for the financial domain. FinMTEB comprises 64 financial domain-specific embedding datasets across 7 tasks that cover diverse textual types in both Chinese and English, such as financial news articles, corporate annual reports, ESG reports, regulatory filings, and earnings call transcripts. We also develop a finance-adapted model, FinPersona-E5, using a persona-based data synthetic method to cover diverse financial embedding tasks for training. Through extensive evaluation of 15 embedding models, including FinPersona-E5, we show three key findings: (1) performance on general-purpose benchmarks shows limited correlation with financial domain tasks; (2) domain-adapted models consistently outperform their general-purpose counterparts; and (3) surprisingly, a simple Bag-of-Words (BoW) approach outperforms sophisticated dense embeddings in financial Semantic Textual Similarity (STS) tasks, underscoring current limitations in dense embedding techniques. Our work establishes a robust evaluation framework for financial NLP applications and provides crucial insights for developing domain-specific embedding models.

Instruction tuning is a pivotal technique for aligning large language models (LLMs) with human intentions, safety constraints, and domain-specific requirements. This survey provides a comprehensive overview of the full pipeline, encompassing (i) data collection methodologies, (ii) full-parameter and parameter-efficient fine-tuning strategies, and (iii) evaluation protocols. We categorized data construction into three major paradigms: expert annotation, distillation from larger models, and self-improvement mechanisms, each offering distinct trade-offs between quality, scalability, and resource cost. Fine-tuning techniques range from conventional supervised training to lightweight approaches, such as low-rank adaptation (LoRA) and prefix tuning, with a focus on computational efficiency and model reusability. We further examine the challenges of evaluating faithfulness, utility, and safety across multilingual and multimodal scenarios, highlighting the emergence of domain-specific benchmarks in healthcare, legal, and financial applications. Finally, we discuss promising directions for automated data generation, adaptive optimization, and robust evaluation frameworks, arguing that a closer integration of data, algorithms, and human feedback is essential for advancing instruction-tuned LLMs. This survey aims to serve as a practical reference for researchers and practitioners seeking to design LLMs that are both effective and reliably aligned with human intentions.

General-purpose sentence embedding models often struggle to capture specialized financial semantics, especially in low-resource languages like Korean, due to domain-specific jargon, temporal meaning shifts, and misaligned bilingual vocabularies. To address these gaps, we introduce NMIXX (Neural eMbeddings for Cross-lingual eXploration of Finance), a suite of cross-lingual embedding models fine-tuned with 18.8K high-confidence triplets that pair in-domain paraphrases, hard negatives derived from a semantic-shift typology, and exact Korean-English translations. Concurrently, we release KorFinSTS, a 1,921-pair Korean financial STS benchmark spanning news, disclosures, research reports, and regulations, designed to expose nuances that general benchmarks miss. When evaluated against seven open-license baselines, NMIXX's multilingual bge-m3 variant achieves Spearman's rho gains of +0.10 on English FinSTS and +0.22 on KorFinSTS, outperforming its pre-adaptation checkpoint and surpassing other models by the largest margin, while revealing a modest trade-off in general STS performance. Our analysis further shows that models with richer Korean token coverage adapt more effectively, underscoring the importance of tokenizer design in low-resource, cross-lingual settings. By making both models and the benchmark publicly available, we provide the community with robust tools for domain-adapted, multilingual representation learning in finance.

Language models have shown promising performance on the task of translating natural language questions into SQL queries (Text-to-SQL). However, most of the state-of-the-art (SOTA) approaches rely on powerful yet closed-source large language models (LLMs), such as ChatGPT and GPT-4, which may have the limitations of unclear model architectures, data privacy risks, and expensive inference overheads. To address the limitations, we introduce CodeS, a series of pre-trained language models with parameters ranging from 1B to 15B, specifically designed for the text-to-SQL task. CodeS is a fully open-source language model, which achieves superior accuracy with much smaller parameter sizes. This paper studies the research challenges in building CodeS. To enhance the SQL generation abilities of CodeS, we adopt an incremental pre-training approach using a specifically curated SQL-centric corpus. Based on this, we address the challenges of schema linking and rapid domain adaptation through strategic prompt construction and a bi-directional data augmentation technique. We conduct comprehensive evaluations on multiple datasets, including the widely used Spider benchmark, the newly released BIRD benchmark, robustness-diagnostic benchmarks such as Spider-DK, Spider-Syn, Spider-Realistic, and Dr.Spider, as well as two real-world datasets created for financial and academic applications. The experimental results show that our CodeS achieves new SOTA accuracy and robustness on nearly all challenging text-to-SQL benchmarks.

Large language models excel in general tasks, yet assessing their reliability in logic-heavy, precision-critical domains like finance, law, and healthcare remains challenging. To address this, we introduce BizFinBench, the first benchmark specifically designed to evaluate LLMs in real-world financial applications. BizFinBench consists of 6,781 well-annotated queries in Chinese, spanning five dimensions: numerical calculation, reasoning, information extraction, prediction recognition, and knowledge-based question answering, grouped into nine fine-grained categories. The benchmark includes both objective and subjective metrics. We also introduce IteraJudge, a novel LLM evaluation method that reduces bias when LLMs serve as evaluators in objective metrics. We benchmark 25 models, including both proprietary and open-source systems. Extensive experiments show that no model dominates across all tasks. Our evaluation reveals distinct capability patterns: (1) In Numerical Calculation, Claude-3.5-Sonnet (63.18) and DeepSeek-R1 (64.04) lead, while smaller models like Qwen2.5-VL-3B (15.92) lag significantly; (2) In Reasoning, proprietary models dominate (ChatGPT-o3: 83.58, Gemini-2.0-Flash: 81.15), with open-source models trailing by up to 19.49 points; (3) In Information Extraction, the performance spread is the largest, with DeepSeek-R1 scoring 71.46, while Qwen3-1.7B scores 11.23; (4) In Prediction Recognition, performance variance is minimal, with top models scoring between 39.16 and 50.00. We find that while current LLMs handle routine finance queries competently, they struggle with complex scenarios requiring cross-concept reasoning. BizFinBench offers a rigorous, business-aligned benchmark for future research. The code and dataset are available at https://github.com/HiThink-Research/BizFinBench.

LLMs have transformed NLP and shown promise in various fields, yet their potential in finance is underexplored due to a lack of thorough evaluations and the complexity of financial tasks. This along with the rapid development of LLMs, highlights the urgent need for a systematic financial evaluation benchmark for LLMs. In this paper, we introduce FinBen, the first comprehensive open-sourced evaluation benchmark, specifically designed to thoroughly assess the capabilities of LLMs in the financial domain. FinBen encompasses 35 datasets across 23 financial tasks, organized into three spectrums of difficulty inspired by the Cattell-Horn-Carroll theory, to evaluate LLMs' cognitive abilities in inductive reasoning, associative memory, quantitative reasoning, crystallized intelligence, and more. Our evaluation of 15 representative LLMs, including GPT-4, ChatGPT, and the latest Gemini, reveals insights into their strengths and limitations within the financial domain. The findings indicate that GPT-4 leads in quantification, extraction, numerical reasoning, and stock trading, while Gemini shines in generation and forecasting; however, both struggle with complex extraction and forecasting, showing a clear need for targeted enhancements. Instruction tuning boosts simple task performance but falls short in improving complex reasoning and forecasting abilities. FinBen seeks to continuously evaluate LLMs in finance, fostering AI development with regular updates of tasks and models.

Financial analysis presents complex challenges that could leverage large language model (LLM) capabilities. However, the scarcity of challenging financial datasets, particularly for Japanese financial data, impedes academic innovation in financial analytics. As LLMs advance, this lack of accessible research resources increasingly hinders their development and evaluation in this specialized domain. To address this gap, we introduce EDINET-Bench, an open-source Japanese financial benchmark designed to evaluate the performance of LLMs on challenging financial tasks including accounting fraud detection, earnings forecasting, and industry prediction. EDINET-Bench is constructed by downloading annual reports from the past 10 years from Japan's Electronic Disclosure for Investors' NETwork (EDINET) and automatically assigning labels corresponding to each evaluation task. Our experiments reveal that even state-of-the-art LLMs struggle, performing only slightly better than logistic regression in binary classification for fraud detection and earnings forecasting. These results highlight significant challenges in applying LLMs to real-world financial applications and underscore the need for domain-specific adaptation. Our dataset, benchmark construction code, and evaluation code is publicly available to facilitate future research in finance with LLMs.

This study develops FinText, a financial word embedding compiled from 15 years of business news archives. The results show that FinText produces substantially more accurate results than general word embeddings based on the gold-standard financial benchmark we introduced. In contrast to well-known econometric models, and over the sample period from 27 July 2007 to 27 January 2022 for 23 NASDAQ stocks, using stock-related news, our simple natural language processing model supported by different word embeddings improves realised volatility forecasts on high volatility days. This improvement in realised volatility forecasting performance switches to normal volatility days when general hot news is used. By utilising SHAP, an Explainable AI method, we also identify and classify key phrases in stock-related and general hot news that moved volatility.

Financial risk prediction plays a crucial role in the financial sector. Machine learning methods have been widely applied for automatically detecting potential risks and thus saving the cost of labor. However, the development in this field is lagging behind in recent years by the following two facts: 1) the algorithms used are somewhat outdated, especially in the context of the fast advance of generative AI and large language models (LLMs); 2) the lack of a unified and open-sourced financial benchmark has impeded the related research for years. To tackle these issues, we propose FinPT and FinBench: the former is a novel approach for financial risk prediction that conduct Profile Tuning on large pretrained foundation models, and the latter is a set of high-quality datasets on financial risks such as default, fraud, and churn. In FinPT, we fill the financial tabular data into the pre-defined instruction template, obtain natural-language customer profiles by prompting LLMs, and fine-tune large foundation models with the profile text to make predictions. We demonstrate the effectiveness of the proposed FinPT by experimenting with a range of representative strong baselines on FinBench. The analytical studies further deepen the understanding of LLMs for financial risk prediction.

We propose a new long-context financial benchmark, FailSafeQA, designed to test the robustness and context-awareness of LLMs against six variations in human-interface interactions in LLM-based query-answer systems within finance. We concentrate on two case studies: Query Failure and Context Failure. In the Query Failure scenario, we perturb the original query to vary in domain expertise, completeness, and linguistic accuracy. In the Context Failure case, we simulate the uploads of degraded, irrelevant, and empty documents. We employ the LLM-as-a-Judge methodology with Qwen2.5-72B-Instruct and use fine-grained rating criteria to define and calculate Robustness, Context Grounding, and Compliance scores for 24 off-the-shelf models. The results suggest that although some models excel at mitigating input perturbations, they must balance robust answering with the ability to refrain from hallucinating. Notably, Palmyra-Fin-128k-Instruct, recognized as the most compliant model, maintained strong baseline performance but encountered challenges in sustaining robust predictions in 17% of test cases. On the other hand, the most robust model, OpenAI o3-mini, fabricated information in 41% of tested cases. The results demonstrate that even high-performing models have significant room for improvement and highlight the role of FailSafeQA as a tool for developing LLMs optimized for dependability in financial applications. The dataset is available at: https://huggingface.co/datasets/Writer/FailSafeQA

This paper introduces the UCFE: User-Centric Financial Expertise benchmark, an innovative framework designed to evaluate the ability of large language models (LLMs) to handle complex real-world financial tasks. UCFE benchmark adopts a hybrid approach that combines human expert evaluations with dynamic, task-specific interactions to simulate the complexities of evolving financial scenarios. Firstly, we conducted a user study involving 804 participants, collecting their feedback on financial tasks. Secondly, based on this feedback, we created our dataset that encompasses a wide range of user intents and interactions. This dataset serves as the foundation for benchmarking 12 LLM services using the LLM-as-Judge methodology. Our results show a significant alignment between benchmark scores and human preferences, with a Pearson correlation coefficient of 0.78, confirming the effectiveness of the UCFE dataset and our evaluation approach. UCFE benchmark not only reveals the potential of LLMs in the financial sector but also provides a robust framework for assessing their performance and user satisfaction.The benchmark dataset and evaluation code are available.

Large vision-language models (LVLMs) have made significant progress in chart understanding. However, financial charts, characterized by complex temporal structures and domain-specific terminology, remain notably underexplored. We introduce FinChart-Bench, the first benchmark specifically focused on real-world financial charts. FinChart-Bench comprises 1,200 financial chart images collected from 2015 to 2024, each annotated with True/False (TF), Multiple Choice (MC), and Question Answering (QA) questions, totaling 7,016 questions. We conduct a comprehensive evaluation of 25 state-of-the-art LVLMs on FinChart-Bench. Our evaluation reveals critical insights: (1) the performance gap between open-source and closed-source models is narrowing, (2) performance degradation occurs in upgraded models within families, (3) many models struggle with instruction following, (4) both advanced models show significant limitations in spatial reasoning abilities, and (5) current LVLMs are not reliable enough to serve as automated evaluators. These findings highlight important limitations in current LVLM capabilities for financial chart understanding. The FinChart-Bench dataset is available at https://huggingface.co/datasets/Tizzzzy/FinChart-Bench.

Multi-hop reasoning over financial disclosures is often a retrieval problem before it becomes a reasoning or generation problem: relevant facts are dispersed across sections, filings, companies, and years, and LLMs often expend excessive tokens navigating noisy context. Without precise Knowledge Graph (KG)-guided selection of relevant context, even strong reasoning models either fail to answer or consume excessive tokens, whereas KG-linked evidence enables models to focus their reasoning on composing already retrieved facts. We present FinReflectKG - MultiHop, a benchmark built on FinReflectKG, a temporally indexed financial KG that links audited triples to source chunks from S&P 100 filings (2022-2024). Mining frequent 2-3 hop subgraph patterns across sectors (via GICS taxonomy), we generate financial analyst style questions with exact supporting evidence from the KG. A two-phase pipeline first creates QA pairs via pattern-specific prompts, followed by a multi-criteria quality control evaluation to ensure QA validity. We then evaluate three controlled retrieval scenarios: (S1) precise KG-linked paths; (S2) text-only page windows centered on relevant text spans; and (S3) relevant page windows with randomizations and distractors. Across both reasoning and non-reasoning models, KG-guided precise retrieval yields substantial gains on the FinReflectKG - MultiHop QA benchmark dataset, boosting correctness scores by approximately 24 percent while reducing token utilization by approximately 84.5 percent compared to the page window setting, which reflects the traditional vector retrieval paradigm. Spanning intra-document, inter-year, and cross-company scopes, our work underscores the pivotal role of knowledge graphs in efficiently connecting evidence for multi-hop financial QA. We also release a curated subset of the benchmark (555 QA Pairs) to catalyze further research.

Large language models (LLMs) have demonstrated great potential in the financial domain. Thus, it becomes important to assess the performance of LLMs in the financial tasks. In this work, we introduce CFBenchmark, to evaluate the performance of LLMs for Chinese financial assistant. The basic version of CFBenchmark is designed to evaluate the basic ability in Chinese financial text processing from three aspects~(i.e. recognition, classification, and generation) including eight tasks, and includes financial texts ranging in length from 50 to over 1,800 characters. We conduct experiments on several LLMs available in the literature with CFBenchmark-Basic, and the experimental results indicate that while some LLMs show outstanding performance in specific tasks, overall, there is still significant room for improvement in basic tasks of financial text processing with existing models. In the future, we plan to explore the advanced version of CFBenchmark, aiming to further explore the extensive capabilities of language models in more profound dimensions as a financial assistant in Chinese. Our codes are released at https://github.com/TongjiFinLab/CFBenchmark.

This paper presents FinGEITje, the first Dutch financial Large Language Model (LLM) specifically designed and optimized for various financial tasks. Together with the model, we release a specialized Dutch financial instruction tuning dataset with over 140,000 samples, constructed employing an automated translation and data processing method. The open-source data construction method is provided, facilitating the creation of financial instruction datasets in different languages. To evaluate model performance, the study introduces the first Dutch financial evaluation benchmark, along with an automated evaluation method that utilizes an LLM as an independent evaluator, reducing manual intervention in performance evaluation. The experimental results highlight the superior performance of FinGEITje across five critical Dutch and English financial tasks.

This study presents a novel benchmark for evaluating Large Language Models (LLMs) using challenges derived from the Financial Modeling World Cup (FMWC) Excel competitions. We introduce a methodology for converting 113 existing FMWC challenges into programmatically evaluable JSON formats and use this dataset to compare the performance of several leading LLMs. Our findings demonstrate significant variations in performance across different challenge categories, with models showing specific strengths in pattern recognition tasks but struggling with complex numerical reasoning. The benchmark provides a standardized framework for assessing LLM capabilities in realistic business-oriented tasks rather than abstract academic problems. This research contributes to the growing field of AI benchmarking by establishing proficiency among the 1.5 billion people who daily use Microsoft Excel as a meaningful evaluation metric that bridges the gap between academic AI benchmarks and practical business applications.

Benchmark quality is critical for meaningful evaluation and sustained progress in time series forecasting, particularly given the recent rise of pretrained models. Existing benchmarks often have narrow domain coverage or overlook important real-world settings, such as tasks with covariates. Additionally, their aggregation procedures often lack statistical rigor, making it unclear whether observed performance differences reflect true improvements or random variation. Many benchmarks also fail to provide infrastructure for consistent evaluation or are too rigid to integrate into existing pipelines. To address these gaps, we propose fev-bench, a benchmark comprising 100 forecasting tasks across seven domains, including 46 tasks with covariates. Supporting the benchmark, we introduce fev, a lightweight Python library for benchmarking forecasting models that emphasizes reproducibility and seamless integration with existing workflows. Usingfev, fev-bench employs principled aggregation methods with bootstrapped confidence intervals to report model performance along two complementary dimensions: win rates and skill scores. We report results on fev-bench for various pretrained, statistical and baseline models, and identify promising directions for future research.

Search has emerged as core infrastructure for LLM-based agents and is widely viewed as critical on the path toward more general intelligence. Finance is a particularly demanding proving ground: analysts routinely conduct complex, multi-step searches over time-sensitive, domain-specific data, making it ideal for assessing both search proficiency and knowledge-grounded reasoning. Yet no existing open financial datasets evaluate data searching capability of end-to-end agents, largely because constructing realistic, complicated tasks requires deep financial expertise and time-sensitive data is hard to evaluate. We present FinSearchComp, the first fully open-source agent benchmark for realistic, open-domain financial search and reasoning. FinSearchComp comprises three tasks -- Time-Sensitive Data Fetching, Simple Historical Lookup, and Complex Historical Investigation -- closely reproduce real-world financial analyst workflows. To ensure difficulty and reliability, we engage 70 professional financial experts for annotation and implement a rigorous multi-stage quality-assurance pipeline. The benchmark includes 635 questions spanning global and Greater China markets, and we evaluate 21 models (products) on it. Grok 4 (web) tops the global subset, approaching expert-level accuracy. DouBao (web) leads on the Greater China subset. Experimental analyses show that equipping agents with web search and financial plugins substantially improves results on FinSearchComp, and the country origin of models and tools impact performance significantly.By aligning with realistic analyst tasks and providing end-to-end evaluation, FinSearchComp offers a professional, high-difficulty testbed for complex financial search and reasoning.

In this paper, we introduce FAMMA, an open-source benchmark for financial multilingual multimodal question answering (QA). Our benchmark aims to evaluate the abilities of multimodal large language models (MLLMs) in answering questions that require advanced financial knowledge and sophisticated reasoning. It includes 1,758 meticulously collected question-answer pairs from university textbooks and exams, spanning 8 major subfields in finance including corporate finance, asset management, and financial engineering. Some of the QA pairs are written in Chinese or French, while a majority of them are in English. These questions are presented in a mixed format combining text and heterogeneous image types, such as charts, tables, and diagrams. We evaluate a range of state-of-the-art MLLMs on our benchmark, and our analysis shows that FAMMA poses a significant challenge for these models. Even advanced systems like GPT-4o and Claude-35-Sonnet achieve only 42\% accuracy. Additionally, the open-source Qwen2-VL lags notably behind its proprietary counterparts. Lastly, we explore GPT o1-style reasoning chains to enhance the models' reasoning capabilities, which significantly improve error correction. Our FAMMA benchmark will facilitate future research to develop expert systems in financial QA. The leaderboard is available at https://famma-bench.github.io/famma/ .

As a typical and practical application of Large Language Models (LLMs), Retrieval-Augmented Generation (RAG) techniques have gained extensive attention, particularly in vertical domains where LLMs may lack domain-specific knowledge. In this paper, we introduce an omnidirectional and automatic RAG benchmark, OmniEval, in the financial domain. Our benchmark is characterized by its multi-dimensional evaluation framework, including (1) a matrix-based RAG scenario evaluation system that categorizes queries into five task classes and 16 financial topics, leading to a structured assessment of diverse query scenarios; (2) a multi-dimensional evaluation data generation approach, which combines GPT-4-based automatic generation and human annotation, achieving an 87.47\% acceptance ratio in human evaluations on generated instances; (3) a multi-stage evaluation system that evaluates both retrieval and generation performance, result in a comprehensive evaluation on the RAG pipeline; and (4) robust evaluation metrics derived from rule-based and LLM-based ones, enhancing the reliability of assessments through manual annotations and supervised fine-tuning of an LLM evaluator. Our experiments demonstrate the comprehensiveness of OmniEval, which includes extensive test datasets and highlights the performance variations of RAG systems across diverse topics and tasks, revealing significant opportunities for RAG models to improve their capabilities in vertical domains. We open source the code of our benchmark in https://github.com/RUC-NLPIR/OmniEval{https://github.com/RUC-NLPIR/OmniEval}.

FinanceBench is a first-of-its-kind test suite for evaluating the performance of LLMs on open book financial question answering (QA). It comprises 10,231 questions about publicly traded companies, with corresponding answers and evidence strings. The questions in FinanceBench are ecologically valid and cover a diverse set of scenarios. They are intended to be clear-cut and straightforward to answer to serve as a minimum performance standard. We test 16 state of the art model configurations (including GPT-4-Turbo, Llama2 and Claude2, with vector stores and long context prompts) on a sample of 150 cases from FinanceBench, and manually review their answers (n=2,400). The cases are available open-source. We show that existing LLMs have clear limitations for financial QA. Notably, GPT-4-Turbo used with a retrieval system incorrectly answered or refused to answer 81% of questions. While augmentation techniques such as using longer context window to feed in relevant evidence improve performance, they are unrealistic for enterprise settings due to increased latency and cannot support larger financial documents. We find that all models examined exhibit weaknesses, such as hallucinations, that limit their suitability for use by enterprises.

Large language models (LLMs) have demonstrated exceptional performance in various natural language processing tasks, yet their efficacy in more challenging and domain-specific tasks remains largely unexplored. This paper presents FinEval, a benchmark specifically designed for the financial domain knowledge in the LLMs. FinEval is a collection of high-quality multiple-choice questions covering Finance, Economy, Accounting, and Certificate. It includes 4,661 questions spanning 34 different academic subjects. To ensure a comprehensive model performance evaluation, FinEval employs a range of prompt types, including zero-shot and few-shot prompts, as well as answer-only and chain-of-thought prompts. Evaluating state-of-the-art Chinese and English LLMs on FinEval, the results show that only GPT-4 achieved an accuracy close to 70% in different prompt settings, indicating significant growth potential for LLMs in the financial domain knowledge. Our work offers a more comprehensive financial knowledge evaluation benchmark, utilizing data of mock exams and covering a wide range of evaluated LLMs.

In the swiftly expanding domain of Natural Language Processing (NLP), the potential of GPT-based models for the financial sector is increasingly evident. However, the integration of these models with financial datasets presents challenges, notably in determining their adeptness and relevance. This paper introduces a distinctive approach anchored in the Instruction Tuning paradigm for open-source large language models, specifically adapted for financial contexts. Through this methodology, we capitalize on the interoperability of open-source models, ensuring a seamless and transparent integration. We begin by explaining the Instruction Tuning paradigm, highlighting its effectiveness for immediate integration. The paper presents a benchmarking scheme designed for end-to-end training and testing, employing a cost-effective progression. Firstly, we assess basic competencies and fundamental tasks, such as Named Entity Recognition (NER) and sentiment analysis to enhance specialization. Next, we delve into a comprehensive model, executing multi-task operations by amalgamating all instructional tunings to examine versatility. Finally, we explore the zero-shot capabilities by earmarking unseen tasks and incorporating novel datasets to understand adaptability in uncharted terrains. Such a paradigm fortifies the principles of openness and reproducibility, laying a robust foundation for future investigations in open-source financial large language models (FinLLMs).

Accurate and transparent financial information disclosure is essential in accounting and finance, fostering trust and enabling informed investment decisions that drive economic development. Among many information disclosure platforms, the Chinese stock exchanges' investor interactive platform provides a novel and interactive way for listed firms to disclose information of interest to investors through an online question-and-answer (Q&A) format. However, it is common for listed firms to respond to questions with limited or no substantive information, and automatically evaluating the quality of financial information disclosure on large amounts of Q&A pairs is challenging. In this study, our interdisciplinary team of AI and finance professionals proposed FinTruthQA, a benchmark designed to evaluate advanced natural language processing (NLP) techniques for the automatic quality assessment of information disclosure in financial Q&A data. It comprises 6,000 real-world financial Q&A entries and each Q&A was manually annotated based on four key evaluation criteria. We benchmarked various NLP techniques on FinTruthQA, including large language models(LLMs). Experiments showed that existing NLP models have strong predictive ability for question identification and question relevance tasks, but are suboptimal for answer readability and answer relevance tasks. By establishing this benchmark, we provide a robust foundation for the automatic evaluation of information disclosure, demonstrating how AI can be leveraged for social good by promoting transparency, fairness, and investor protection in financial disclosure practices. FinTruthQA can be used by auditors, regulators, and financial analysts for real-time monitoring and data-driven decision-making, as well as by researchers for advanced studies in accounting and finance, ultimately fostering greater trust and efficiency in the financial markets.

Answering questions within business and finance requires reasoning, precision, and a wide-breadth of technical knowledge. Together, these requirements make this domain difficult for large language models (LLMs). We introduce BizBench, a benchmark for evaluating models' ability to reason about realistic financial problems. BizBench comprises eight quantitative reasoning tasks, focusing on question-answering (QA) over financial data via program synthesis. We include three financially-themed code-generation tasks from newly collected and augmented QA data. Additionally, we isolate the reasoning capabilities required for financial QA: reading comprehension of financial text and tables for extracting intermediate values, and understanding financial concepts and formulas needed to calculate complex solutions. Collectively, these tasks evaluate a model's financial background knowledge, ability to parse financial documents, and capacity to solve problems with code. We conduct an in-depth evaluation of open-source and commercial LLMs, comparing and contrasting the behavior of code-focused and language-focused models. We demonstrate that the current bottleneck in performance is due to LLMs' limited business and financial understanding, highlighting the value of a challenging benchmark for quantitative reasoning within this domain.

Financial asset recommendation (FAR) is a sub-domain of recommender systems which identifies useful financial securities for investors, with the expectation that they will invest capital on the recommended assets. FAR solutions analyse and learn from multiple data sources, including time series pricing data, customer profile information and expectations, as well as past investments. However, most models have been developed over proprietary datasets, making a comparison over a common benchmark impossible. In this paper, we aim to solve this problem by introducing FAR-Trans, the first public dataset for FAR, containing pricing information and retail investor transactions acquired from a large European financial institution. We also provide a bench-marking comparison between eleven FAR algorithms over the data for use as future baselines. The dataset can be downloaded from https://doi.org/10.5525/gla.researchdata.1658 .

Large language models (LLMs) show promise for natural language tasks but struggle when applied directly to complex domains like finance. LLMs have difficulty reasoning about and integrating all relevant information. We propose a data-centric approach to enable LLMs to better handle financial tasks. Our key insight is that rather than overloading the LLM with everything at once, it is more effective to preprocess and pre-understand the data. We create a financial LLM (FLLM) using multitask prompt-based finetuning to achieve data pre-processing and pre-understanding. However, labeled data is scarce for each task. To overcome manual annotation costs, we employ abductive augmentation reasoning (AAR) to automatically generate training data by modifying the pseudo labels from FLLM's own outputs. Experiments show our data-centric FLLM with AAR substantially outperforms baseline financial LLMs designed for raw text, achieving state-of-the-art on financial analysis and interpretation tasks. We also open source a new benchmark for financial analysis and interpretation. Our methodology provides a promising path to unlock LLMs' potential for complex real-world domains.

Large language models (LLMs) are powerful tools capable of handling diverse tasks. Comparing and selecting appropriate LLMs for specific tasks requires systematic evaluation methods, as models exhibit varying capabilities across different domains. However, finding suitable benchmarks is difficult given the many available options. This complexity not only increases the risk of benchmark misuse and misinterpretation but also demands substantial effort from LLM users, seeking the most suitable benchmarks for their specific needs. To address these issues, we introduce BenchmarkCards, an intuitive and validated documentation framework that standardizes critical benchmark attributes such as objectives, methodologies, data sources, and limitations. Through user studies involving benchmark creators and users, we show that BenchmarkCards can simplify benchmark selection and enhance transparency, facilitating informed decision-making in evaluating LLMs. Data & Code: https://github.com/SokolAnn/BenchmarkCards

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.

In Machine Learning, a benchmark refers to an ensemble of datasets associated with one or multiple metrics together with a way to aggregate different systems performances. They are instrumental in (i) assessing the progress of new methods along different axes and (ii) selecting the best systems for practical use. This is particularly the case for NLP with the development of large pre-trained models (e.g. GPT, BERT) that are expected to generalize well on a variety of tasks. While the community mainly focused on developing new datasets and metrics, there has been little interest in the aggregation procedure, which is often reduced to a simple average over various performance measures. However, this procedure can be problematic when the metrics are on a different scale, which may lead to spurious conclusions. This paper proposes a new procedure to rank systems based on their performance across different tasks. Motivated by the social choice theory, the final system ordering is obtained through aggregating the rankings induced by each task and is theoretically grounded. We conduct extensive numerical experiments (on over 270k scores) to assess the soundness of our approach both on synthetic and real scores (e.g. GLUE, EXTREM, SEVAL, TAC, FLICKR). In particular, we show that our method yields different conclusions on state-of-the-art systems than the mean-aggregation procedure while being both more reliable and robust.

The complexity of the Generally Accepted Accounting Principles (GAAP) and the hierarchical structure of eXtensible Business Reporting Language (XBRL) filings make financial auditing increasingly difficult to automate and verify. While large language models (LLMs) have demonstrated strong capabilities in unstructured text understanding, their ability to reason over structured, interdependent, and taxonomy-driven financial documents remains largely unexplored. To fill this gap, we introduce FinAuditing, the first taxonomy-aligned, structure-aware, multi-document benchmark for evaluating LLMs on financial auditing tasks. Built from real US-GAAP-compliant XBRL filings, FinAuditing defines three complementary subtasks, FinSM for semantic consistency, FinRE for relational consistency, and FinMR for numerical consistency, each targeting a distinct aspect of structured auditing reasoning. We further propose a unified evaluation framework integrating retrieval, classification, and reasoning metrics across these subtasks. Extensive zero-shot experiments on 13 state-of-the-art LLMs reveal that current models perform inconsistently across semantic, relational, and mathematical dimensions, with accuracy drops of up to 60-90% when reasoning over hierarchical multi-document structures. Our findings expose the systematic limitations of modern LLMs in taxonomy-grounded financial reasoning and establish FinAuditing as a foundation for developing trustworthy, structure-aware, and regulation-aligned financial intelligence systems. The benchmark dataset is available at Hugging Face.

Institutional investors have been increasing the allocation of the illiquid alternative assets such as private equity funds in their portfolios, yet there exists a very limited literature on cash flow forecasting of illiquid alternative assets. The net cash flow of private equity funds typically follow a J-curve pattern, however the timing and the size of the contributions and distributions depend on the investment opportunities. In this paper, we develop a benchmark model and present two novel approaches (direct vs. indirect) to predict the cash flows of private equity funds. We introduce a sliding window approach to apply on our cash flow data because different vintage year funds contain different lengths of cash flow information. We then pass the data to an LSTM/ GRU model to predict the future cash flows either directly or indirectly (based on the benchmark model). We further integrate macroeconomic indicators into our data, which allows us to consider the impact of market environment on cash flows and to apply stress testing. Our results indicate that the direct model is easier to implement compared to the benchmark model and the indirect model, but still the predicted cash flows align better with the actual cash flows. We also show that macroeconomic variables improve the performance of the direct model whereas the impact is not obvious on the indirect model.

With the growing popularity of deep learning and foundation models for tabular data, the need for standardized and reliable benchmarks is higher than ever. However, current benchmarks are static. Their design is not updated even if flaws are discovered, model versions are updated, or new models are released. To address this, we introduce TabArena, the first continuously maintained living tabular benchmarking system. To launch TabArena, we manually curate a representative collection of datasets and well-implemented models, conduct a large-scale benchmarking study to initialize a public leaderboard, and assemble a team of experienced maintainers. Our results highlight the influence of validation method and ensembling of hyperparameter configurations to benchmark models at their full potential. While gradient-boosted trees are still strong contenders on practical tabular datasets, we observe that deep learning methods have caught up under larger time budgets with ensembling. At the same time, foundation models excel on smaller datasets. Finally, we show that ensembles across models advance the state-of-the-art in tabular machine learning and investigate the contributions of individual models. We launch TabArena with a public leaderboard, reproducible code, and maintenance protocols to create a living benchmark available at https://tabarena.ai.

Various benchmarks have been proposed to assess the performance of large language models (LLMs) in different coding scenarios. We refer to them as code-related benchmarks. However, there are no systematic guidelines by which such a benchmark should be developed to ensure its quality, reliability, and reproducibility. We propose How2Bench, which is comprised of a 55- 55-criteria checklist as a set of guidelines to govern the development of code-related benchmarks comprehensively. Using HOW2BENCH, we profiled 274 benchmarks released within the past decade and found concerning issues. Nearly 70% of the benchmarks did not take measures for data quality assurance; over 10% did not even open source or only partially open source. Many highly cited benchmarks have loopholes, including duplicated samples, incorrect reference codes/tests/prompts, and unremoved sensitive/confidential information. Finally, we conducted a human study involving 49 participants, which revealed significant gaps in awareness of the importance of data quality, reproducibility, and transparency.

How should one judge whether a given large language model (LLM) can reliably perform economic reasoning? Most existing LLM benchmarks focus on specific applications and fail to present the model with a rich variety of economic tasks. A notable exception is Raman et al. [2024], who offer an approach for comprehensively benchmarking strategic decision-making; however, this approach fails to address the non-strategic settings prevalent in microeconomics, such as supply-and-demand analysis. We address this gap by taxonomizing microeconomic reasoning into 58 distinct elements, focusing on the logic of supply and demand, each grounded in up to 10 distinct domains, 5 perspectives, and 3 types. The generation of benchmark data across this combinatorial space is powered by a novel LLM-assisted data generation protocol that we dub auto-STEER, which generates a set of questions by adapting handwritten templates to target new domains and perspectives. Because it offers an automated way of generating fresh questions, auto-STEER mitigates the risk that LLMs will be trained to over-fit evaluation benchmarks; we thus hope that it will serve as a useful tool both for evaluating and fine-tuning models for years to come. We demonstrate the usefulness of our benchmark via a case study on 27 LLMs, ranging from small open-source models to the current state of the art. We examined each model's ability to solve microeconomic problems across our whole taxonomy and present the results across a range of prompting strategies and scoring metrics.

CleverHans is a software library that provides standardized reference implementations of adversarial example construction techniques and adversarial training. The library may be used to develop more robust machine learning models and to provide standardized benchmarks of models' performance in the adversarial setting. Benchmarks constructed without a standardized implementation of adversarial example construction are not comparable to each other, because a good result may indicate a robust model or it may merely indicate a weak implementation of the adversarial example construction procedure. This technical report is structured as follows. Section 1 provides an overview of adversarial examples in machine learning and of the CleverHans software. Section 2 presents the core functionalities of the library: namely the attacks based on adversarial examples and defenses to improve the robustness of machine learning models to these attacks. Section 3 describes how to report benchmark results using the library. Section 4 describes the versioning system.

Recently, many works have proposed various financial large language models (FinLLMs) by pre-training from scratch or fine-tuning open-sourced LLMs on financial corpora. However, existing FinLLMs exhibit unsatisfactory performance in understanding financial text when numeric variables are involved in questions. In this paper, we propose a novel LLM, called numeric-sensitive large language model (NumLLM), for Chinese finance. We first construct a financial corpus from financial textbooks which is essential for improving numeric capability of LLMs during fine-tuning. After that, we train two individual low-rank adaptation (LoRA) modules by fine-tuning on our constructed financial corpus. One module is for adapting general-purpose LLMs to financial domain, and the other module is for enhancing the ability of NumLLM to understand financial text with numeric variables. Lastly, we merge the two LoRA modules into the foundation model to obtain NumLLM for inference. Experiments on financial question-answering benchmark show that NumLLM can boost the performance of the foundation model and can achieve the best overall performance compared to all baselines, on both numeric and non-numeric questions.

Evaluation benchmarks are the cornerstone of measuring capabilities of large language models (LLMs), as well as driving progress in said capabilities. Originally designed to make claims about capabilities (or lack thereof) in fully pretrained models, evaluation benchmarks are now also extensively used to decide between various training choices. Despite this widespread usage, we rarely quantify the variance in our evaluation benchmarks, which dictates whether differences in performance are meaningful. Here, we define and measure a range of metrics geared towards measuring variance in evaluation benchmarks, including seed variance across initialisations, and monotonicity during training. By studying a large number of models -- both openly available and pretrained from scratch -- we provide empirical estimates for a variety of variance metrics, with considerations and recommendations for practitioners. We also evaluate the utility and tradeoffs of continuous versus discrete performance measures and explore options for better understanding and reducing this variance. We find that simple changes, such as framing choice tasks (like MMLU) as completion tasks, can often reduce variance for smaller scale (sim7B) models, while more involved methods inspired from human testing literature (such as item analysis and item response theory) struggle to meaningfully reduce variance. Overall, our work provides insights into variance in evaluation benchmarks, suggests LM-specific techniques to reduce variance, and more generally encourages practitioners to carefully factor in variance when comparing models.

Large Language Models (LLMs) generate responses to questions; however, their effectiveness is often hindered by sub-optimal quality of answers and occasional failures to provide accurate responses to questions. To address these challenges, a fine-tuning process is employed, involving feedback and examples to refine models. The objective is to enhance AI models through continuous feedback loops, utilizing metrics such as cosine similarity, LLM evaluation and Rouge-L scores to evaluate the models. Leveraging LLMs like GPT-3.5, GPT4ALL, and LLaMA2, and Claude, this approach is benchmarked on financial datasets, including the FinanceBench and RAG Instruct Benchmark Tester Dataset, illustrating the necessity of fine-tuning. The results showcase the capability of fine-tuned models to surpass the accuracy of zero-shot LLMs, providing superior question and answering capabilities. Notably, the combination of fine-tuning the LLM with a process known as Retrieval Augmented Generation (RAG) proves to generate responses with improved accuracy.

The booming development of AI agents presents unprecedented opportunities for automating complex tasks across various domains. However, their multi-step, multi-tool collaboration capabilities in the financial sector remain underexplored. This paper introduces FinGAIA, an end-to-end benchmark designed to evaluate the practical abilities of AI agents in the financial domain. FinGAIA comprises 407 meticulously crafted tasks, spanning seven major financial sub-domains: securities, funds, banking, insurance, futures, trusts, and asset management. These tasks are organized into three hierarchical levels of scenario depth: basic business analysis, asset decision support, and strategic risk management. We evaluated 10 mainstream AI agents in a zero-shot setting. The best-performing agent, ChatGPT, achieved an overall accuracy of 48.9\%, which, while superior to non-professionals, still lags financial experts by over 35 percentage points. Error analysis has revealed five recurring failure patterns: Cross-modal Alignment Deficiency, Financial Terminological Bias, Operational Process Awareness Barrier, among others. These patterns point to crucial directions for future research. Our work provides the first agent benchmark closely related to the financial domain, aiming to objectively assess and promote the development of agents in this crucial field. Partial data is available at https://github.com/SUFE-AIFLM-Lab/FinGAIA.

We introduce xbench, a dynamic, profession-aligned evaluation suite designed to bridge the gap between AI agent capabilities and real-world productivity. While existing benchmarks often focus on isolated technical skills, they may not accurately reflect the economic value agents deliver in professional settings. To address this, xbench targets commercially significant domains with evaluation tasks defined by industry professionals. Our framework creates metrics that strongly correlate with productivity value, enables prediction of Technology-Market Fit (TMF), and facilitates tracking of product capabilities over time. As our initial implementations, we present two benchmarks: Recruitment and Marketing. For Recruitment, we collect 50 tasks from real-world headhunting business scenarios to evaluate agents' abilities in company mapping, information retrieval, and talent sourcing. For Marketing, we assess agents' ability to match influencers with advertiser needs, evaluating their performance across 50 advertiser requirements using a curated pool of 836 candidate influencers. We present initial evaluation results for leading contemporary agents, establishing a baseline for these professional domains. Our continuously updated evalsets and evaluations are available at https://xbench.org.

Code generation benchmarks such as HumanEval are widely adopted to evaluate LLMs' capabilities. However, after consolidating the latest 24 benchmarks, we noticed three significant imbalances. First, imbalanced programming language. 95.8% of benchmarks involve Python, while only 5 benchmarks involve Java. Second, imbalanced code granularity. Function-/statement-level benchmarks account for over 83.3% of benchmarks. Only a mere handful extends to class-/project-levels, and all are limited to Python. Third, lacking advanced features. Existing benchmarks primarily assess basic coding skills, while overlooking advanced Object-Oriented Programming (OOP) features (i.e., encapsulation, inheritance, and polymorphism). To fill these gaps, we propose JavaBench, a project-level Java benchmark that exercises OOP features. It comprises four Java projects with 389 methods in 106 Java classes. The test coverage is up to 92%, and JavaBench is attested by 282 undergraduate students, reaching a 90.93/100 average score (i.e., pass rate against the test suite), ensuring the quality of documentation, code skeleton, and tests. To better evaluate LLM's capability against JavaBench, we introduce a systematic evaluation design covering three context settings and five synthesis strategies at two granularities using three hierarchical metrics. Our extensive experiment yields several interesting findings. First, we noticed that regarding project-level Java programming, LLMs are far behind undergraduate students (no project can be correctly completed by any studied LLMs, and at most 41.17% Pass@5 in a more relaxed evaluation). Second, using method signature as prompt context may strike an ideal balance for project-level code generation. JavaBench is publicly available at https://github.com/java-bench/JavaBench.

With the rapid development of MLLMs, evaluating their visual capabilities has become increasingly crucial. Current benchmarks primarily fall into two main types: basic perception benchmarks, which focus on local details but lack deep reasoning (e.g., "what is in the image?"), and mainstream reasoning benchmarks, which concentrate on prominent image elements but may fail to assess subtle clues requiring intricate analysis. However, profound visual understanding and complex reasoning depend more on interpreting subtle, inconspicuous local details than on perceiving salient, macro-level objects. These details, though occupying minimal image area, often contain richer, more critical information for robust analysis. To bridge this gap, we introduce the VER-Bench, a novel framework to evaluate MLLMs' ability to: 1) identify fine-grained visual clues, often occupying on average just 0.25% of the image area; 2) integrate these clues with world knowledge for complex reasoning. Comprising 374 carefully designed questions across Geospatial, Temporal, Situational, Intent, System State, and Symbolic reasoning, each question in VER-Bench is accompanied by structured evidence: visual clues and question-related reasoning derived from them. VER-Bench reveals current models' limitations in extracting subtle visual evidence and constructing evidence-based arguments, highlighting the need to enhance models's capabilities in fine-grained visual evidence extraction, integration, and reasoning for genuine visual understanding and human-like analysis. Dataset and additional materials are available https://github.com/verbta/ACMMM-25-Materials.

In recent years, with the rapid development of the depth and breadth of large language models' capabilities, various corresponding evaluation benchmarks have been emerging in increasing numbers. As a quantitative assessment tool for model performance, benchmarks are not only a core means to measure model capabilities but also a key element in guiding the direction of model development and promoting technological innovation. We systematically review the current status and development of large language model benchmarks for the first time, categorizing 283 representative benchmarks into three categories: general capabilities, domain-specific, and target-specific. General capability benchmarks cover aspects such as core linguistics, knowledge, and reasoning; domain-specific benchmarks focus on fields like natural sciences, humanities and social sciences, and engineering technology; target-specific benchmarks pay attention to risks, reliability, agents, etc. We point out that current benchmarks have problems such as inflated scores caused by data contamination, unfair evaluation due to cultural and linguistic biases, and lack of evaluation on process credibility and dynamic environments, and provide a referable design paradigm for future benchmark innovation.

Benchmarks are essential for quantitatively tracking progress in AI. As AI agents become increasingly capable, researchers and practitioners have introduced agentic benchmarks to evaluate agents on complex, real-world tasks. These benchmarks typically measure agent capabilities by evaluating task outcomes via specific reward designs. However, we show that many agentic benchmarks have issues task setup or reward design. For example, SWE-bench Verified uses insufficient test cases, while TAU-bench counts empty responses as successful. Such issues can lead to under- or overestimation agents' performance by up to 100% in relative terms. To make agentic evaluation rigorous, we introduce the Agentic Benchmark Checklist (ABC), a set of guidelines that we synthesized from our benchmark-building experience, a survey of best practices, and previously reported issues. When applied to CVE-Bench, a benchmark with a particularly complex evaluation design, ABC reduces the performance overestimation by 33%.

With the widespread digitization of finance and the increasing popularity of cryptocurrencies, the sophistication of fraud schemes devised by cybercriminals is growing. Money laundering -- the movement of illicit funds to conceal their origins -- can cross bank and national boundaries, producing complex transaction patterns. The UN estimates 2-5\% of global GDP or \0.8 - 2.0 trillion dollars are laundered globally each year. Unfortunately, real data to train machine learning models to detect laundering is generally not available, and previous synthetic data generators have had significant shortcomings. A realistic, standardized, publicly-available benchmark is needed for comparing models and for the advancement of the area. To this end, this paper contributes a synthetic financial transaction dataset generator and a set of synthetically generated AML (Anti-Money Laundering) datasets. We have calibrated this agent-based generator to match real transactions as closely as possible and made the datasets public. We describe the generator in detail and demonstrate how the datasets generated can help compare different machine learning models in terms of their AML abilities. In a key way, using synthetic data in these comparisons can be even better than using real data: the ground truth labels are complete, whilst many laundering transactions in real data are never detected.

Multimodal Large Language Models (MLLMs) have experienced rapid development in recent years. However, in the financial domain, there is a notable lack of effective and specialized multimodal evaluation datasets. To advance the development of MLLMs in the finance domain, we introduce FinMME, encompassing more than 11,000 high-quality financial research samples across 18 financial domains and 6 asset classes, featuring 10 major chart types and 21 subtypes. We ensure data quality through 20 annotators and carefully designed validation mechanisms. Additionally, we develop FinScore, an evaluation system incorporating hallucination penalties and multi-dimensional capability assessment to provide an unbiased evaluation. Extensive experimental results demonstrate that even state-of-the-art models like GPT-4o exhibit unsatisfactory performance on FinMME, highlighting its challenging nature. The benchmark exhibits high robustness with prediction variations under different prompts remaining below 1%, demonstrating superior reliability compared to existing datasets. Our dataset and evaluation protocol are available at https://huggingface.co/datasets/luojunyu/FinMME and https://github.com/luo-junyu/FinMME.

Standardized benchmarks drive progress in machine learning. However, with repeated testing, the risk of overfitting grows as algorithms over-exploit benchmark idiosyncrasies. In our work, we seek to mitigate this challenge by compiling ever-expanding large-scale benchmarks called Lifelong Benchmarks. As exemplars of our approach, we create Lifelong-CIFAR10 and Lifelong-ImageNet, containing (for now) 1.69M and 1.98M test samples, respectively. While reducing overfitting, lifelong benchmarks introduce a key challenge: the high cost of evaluating a growing number of models across an ever-expanding sample set. To address this challenge, we also introduce an efficient evaluation framework: Sort \& Search (S&S), which reuses previously evaluated models by leveraging dynamic programming algorithms to selectively rank and sub-select test samples, enabling cost-effective lifelong benchmarking. Extensive empirical evaluations across 31,000 models demonstrate that S&S achieves highly-efficient approximate accuracy measurement, reducing compute cost from 180 GPU days to 5 GPU hours (1000x reduction) on a single A100 GPU, with low approximation error. As such, lifelong benchmarks offer a robust, practical solution to the "benchmark exhaustion" problem.

Quantifying the similarity between a group of companies has proven to be useful for several purposes, including company benchmarking, fraud detection, and searching for investment opportunities. This exercise can be done using a variety of data sources, such as company activity data and financial data. However, ledger account data is widely available and is standardized to a large extent. Such ledger accounts within a financial statement can be represented by means of a tree, i.e. a special type of graph, representing both the values of the ledger accounts and the relationships between them. Given their broad availability and rich information content, financial statements form a prime data source based on which company similarities or distances could be computed. In this paper, we present a graph distance metric that enables one to compute the similarity between the financial statements of two companies. We conduct a comprehensive experimental study using real-world financial data to demonstrate the usefulness of our proposed distance metric. The experimental results show promising results on a number of use cases. This method may be useful for investors looking for investment opportunities, government officials attempting to identify fraudulent companies, and accountants looking to benchmark a group of companies based on their financial statements.

Accurate mapping of the built asset information to established data classification systems and taxonomies is crucial for effective asset management, whether for compliance at project handover or ad-hoc data integration scenarios. Due to the complex nature of built asset data, which predominantly comprises technical text elements, this process remains largely manual and reliant on domain expert input. Recent breakthroughs in contextual text representation learning (text embedding), particularly through pre-trained large language models, offer promising approaches that can facilitate the automation of cross-mapping of the built asset data. However, no comprehensive evaluation has yet been conducted to assess these models' ability to effectively represent the complex semantics specific to built asset technical terminology. This study presents a comparative benchmark of state-of-the-art text embedding models to evaluate their effectiveness in aligning built asset information with domain-specific technical concepts. Our proposed datasets are derived from two renowned built asset data classification dictionaries. The results of our benchmarking across six proposed datasets, covering three tasks of clustering, retrieval, and reranking, highlight the need for future research on domain adaptation techniques. The benchmarking resources are published as an open-source library, which will be maintained and extended to support future evaluations in this field.

In this report, we present ML-Dev-Bench, a benchmark aimed at testing agentic capabilities on applied Machine Learning development tasks. While existing benchmarks focus on isolated coding tasks or Kaggle-style competitions, ML-Dev-Bench tests agents' ability to handle the full complexity of ML development workflows. The benchmark assesses performance across critical aspects including dataset handling, model training, improving existing models, debugging, and API integration with popular ML tools. We evaluate three agents - ReAct, Openhands, and AIDE - on a diverse set of 30 tasks, providing insights into their strengths and limitations in handling practical ML development challenges. We open source the benchmark for the benefit of the community at https://github.com/ml-dev-bench/ml-dev-bench{https://github.com/ml-dev-bench/ml-dev-bench}.

We introduce FinTral, a suite of state-of-the-art multimodal large language models (LLMs) built upon the Mistral-7b model and tailored for financial analysis. FinTral integrates textual, numerical, tabular, and image data. We enhance FinTral with domain-specific pretraining, instruction fine-tuning, and RLAIF training by exploiting a large collection of textual and visual datasets we curate for this work. We also introduce an extensive benchmark featuring nine tasks and 25 datasets for evaluation, including hallucinations in the financial domain. Our FinTral model trained with direct preference optimization employing advanced Tools and Retrieval methods, dubbed FinTral-DPO-T&R, demonstrates an exceptional zero-shot performance. It outperforms ChatGPT-3.5 in all tasks and surpasses GPT-4 in five out of nine tasks, marking a significant advancement in AI-driven financial technology. We also demonstrate that FinTral has the potential to excel in real-time analysis and decision-making in diverse financial contexts.

Benchmarks that closely reflect downstream application scenarios are essential for the streamlined adoption of new research in tabular machine learning (ML). In this work, we examine existing tabular benchmarks and find two common characteristics of industry-grade tabular data that are underrepresented in the datasets available to the academic community. First, tabular data often changes over time in real-world deployment scenarios. This impacts model performance and requires time-based train and test splits for correct model evaluation. Yet, existing academic tabular datasets often lack timestamp metadata to enable such evaluation. Second, a considerable portion of datasets in production settings stem from extensive data acquisition and feature engineering pipelines. For each specific dataset, this can have a different impact on the absolute and relative number of predictive, uninformative, and correlated features, which in turn can affect model selection. To fill the aforementioned gaps in academic benchmarks, we introduce TabReD -- a collection of eight industry-grade tabular datasets covering a wide range of domains from finance to food delivery services. We assess a large number of tabular ML models in the feature-rich, temporally-evolving data setting facilitated by TabReD. We demonstrate that evaluation on time-based data splits leads to different methods ranking, compared to evaluation on random splits more common in academic benchmarks. Furthermore, on the TabReD datasets, MLP-like architectures and GBDT show the best results, while more sophisticated DL models are yet to prove their effectiveness.

As large language models (LLMs) continue to advance, the need for up-to-date and well-organized benchmarks becomes increasingly critical. However, many existing datasets are scattered, difficult to manage, and make it challenging to perform evaluations tailored to specific needs or domains, despite the growing importance of domain-specific models in areas such as math or code. In this paper, we introduce BenchHub, a dynamic benchmark repository that empowers researchers and developers to evaluate LLMs more effectively. BenchHub aggregates and automatically classifies benchmark datasets from diverse domains, integrating 303K questions across 38 benchmarks. It is designed to support continuous updates and scalable data management, enabling flexible and customizable evaluation tailored to various domains or use cases. Through extensive experiments with various LLM families, we demonstrate that model performance varies significantly across domain-specific subsets, emphasizing the importance of domain-aware benchmarking. We believe BenchHub can encourage better dataset reuse, more transparent model comparisons, and easier identification of underrepresented areas in existing benchmarks, offering a critical infrastructure for advancing LLM evaluation research.

Recent advancements in large language models (LLMs) have showcased significant improvements in mathematics. However, traditional math benchmarks like GSM8k offer a unidimensional perspective, falling short in providing a holistic assessment of the LLMs' math capabilities. To address this gap, we introduce MathBench, a new benchmark that rigorously assesses the mathematical capabilities of large language models. MathBench spans a wide range of mathematical disciplines, offering a detailed evaluation of both theoretical understanding and practical problem-solving skills. The benchmark progresses through five distinct stages, from basic arithmetic to college mathematics, and is structured to evaluate models at various depths of knowledge. Each stage includes theoretical questions and application problems, allowing us to measure a model's mathematical proficiency and its ability to apply concepts in practical scenarios. MathBench aims to enhance the evaluation of LLMs' mathematical abilities, providing a nuanced view of their knowledge understanding levels and problem solving skills in a bilingual context. The project is released at https://github.com/open-compass/MathBench .

FinanceQA is a testing suite that evaluates LLMs' performance on complex numerical financial analysis tasks that mirror real-world investment work. Despite recent advances, current LLMs fail to meet the strict accuracy requirements of financial institutions, with models failing approximately 60% of realistic tasks that mimic on-the-job analyses at hedge funds, private equity firms, investment banks, and other financial institutions. The primary challenges include hand-spreading metrics, adhering to standard accounting and corporate valuation conventions, and performing analysis under incomplete information - particularly in multi-step tasks requiring assumption generation. This performance gap highlights the disconnect between existing LLM capabilities and the demands of professional financial analysis that are inadequately tested by current testing architectures. Results show that higher-quality training data is needed to support such tasks, which we experiment with using OpenAI's fine-tuning API. FinanceQA is publicly released at [this https URL](https://huggingface.co/datasets/AfterQuery/FinanceQA).

We introduce EQ-Bench, a novel benchmark designed to evaluate aspects of emotional intelligence in Large Language Models (LLMs). We assess the ability of LLMs to understand complex emotions and social interactions by asking them to predict the intensity of emotional states of characters in a dialogue. The benchmark is able to discriminate effectively between a wide range of models. We find that EQ-Bench correlates strongly with comprehensive multi-domain benchmarks like MMLU (Hendrycks et al., 2020) (r=0.97), indicating that we may be capturing similar aspects of broad intelligence. Our benchmark produces highly repeatable results using a set of 60 English-language questions. We also provide open-source code for an automated benchmarking pipeline at https://github.com/EQ-bench/EQ-Bench and a leaderboard at https://eqbench.com

We introduce DRBench, a benchmark for evaluating AI agents on complex, open-ended deep research tasks in enterprise settings. Unlike prior benchmarks that focus on simple questions or web-only queries, DRBench evaluates agents on multi-step queries (for example, ``What changes should we make to our product roadmap to ensure compliance with this standard?") that require identifying supporting facts from both the public web and private company knowledge base. Each task is grounded in realistic user personas and enterprise context, spanning a heterogeneous search space that includes productivity software, cloud file systems, emails, chat conversations, and the open web. Tasks are generated through a carefully designed synthesis pipeline with human-in-the-loop verification, and agents are evaluated on their ability to recall relevant insights, maintain factual accuracy, and produce coherent, well-structured reports. We release 15 deep research tasks across 10 domains, such as Sales, Cybersecurity, and Compliance. We demonstrate the effectiveness of DRBench by evaluating diverse DR agents across open- and closed-source models (such as GPT, Llama, and Qwen) and DR strategies, highlighting their strengths, weaknesses, and the critical path for advancing enterprise deep research. Code is available at https://github.com/ServiceNow/drbench.

How can we test AI performance? This question seems trivial, but it isn't. Standard benchmarks often have problems such as in-distribution and small-size test sets, oversimplified metrics, unfair comparisons, and short-term outcome pressure. As a consequence, good performance on standard benchmarks does not guarantee success in real-world scenarios. To address these problems, we present Touchstone, a large-scale collaborative segmentation benchmark of 9 types of abdominal organs. This benchmark is based on 5,195 training CT scans from 76 hospitals around the world and 5,903 testing CT scans from 11 additional hospitals. This diverse test set enhances the statistical significance of benchmark results and rigorously evaluates AI algorithms across various out-of-distribution scenarios. We invited 14 inventors of 19 AI algorithms to train their algorithms, while our team, as a third party, independently evaluated these algorithms on three test sets. In addition, we also evaluated pre-existing AI frameworks--which, differing from algorithms, are more flexible and can support different algorithms--including MONAI from NVIDIA, nnU-Net from DKFZ, and numerous other open-source frameworks. We are committed to expanding this benchmark to encourage more innovation of AI algorithms for the medical domain.

Benchmarking is seen as critical to assessing progress in NLP. However, creating a benchmark involves many design decisions (e.g., which datasets to include, which metrics to use) that often rely on tacit, untested assumptions about what the benchmark is intended to measure or is actually measuring. There is currently no principled way of analyzing these decisions and how they impact the validity of the benchmark's measurements. To address this gap, we draw on evidence-centered design in educational assessments and propose Evidence-Centered Benchmark Design (ECBD), a framework which formalizes the benchmark design process into five modules. ECBD specifies the role each module plays in helping practitioners collect evidence about capabilities of interest. Specifically, each module requires benchmark designers to describe, justify, and support benchmark design choices -- e.g., clearly specifying the capabilities the benchmark aims to measure or how evidence about those capabilities is collected from model responses. To demonstrate the use of ECBD, we conduct case studies with three benchmarks: BoolQ, SuperGLUE, and HELM. Our analysis reveals common trends in benchmark design and documentation that could threaten the validity of benchmarks' measurements.

Forecasts of future events are essential inputs into informed decision-making. Machine learning (ML) systems have the potential to deliver forecasts at scale, but there is no framework for evaluating the accuracy of ML systems on a standardized set of forecasting questions. To address this gap, we introduce ForecastBench: a dynamic benchmark that evaluates the accuracy of ML systems on an automatically generated and regularly updated set of 1,000 forecasting questions. To avoid any possibility of data leakage, ForecastBench is comprised solely of questions about future events that have no known answer at the time of submission. We quantify the capabilities of current ML systems by collecting forecasts from expert (human) forecasters, the general public, and LLMs on a random subset of questions from the benchmark (N=200). While LLMs have achieved super-human performance on many benchmarks, they perform less well here: expert forecasters outperform the top-performing LLM (p-value <0.001). We display system and human scores in a public leaderboard at www.forecastbench.org.

Evaluating the real-world applicability of large language models (LLMs) provides valuable insights for their development and use in software development tasks. Existing benchmarks often focus on standalone coding problems or specific libraries, overlooking multi-file, project-based scenarios and lacking a rigorous evaluation of consistency. The HackerRank-ASTRA Benchmark introduces project-based coding problems that mirror real-world scenarios. It evaluates model consistency through 32 runs (k = 32) and median standard deviation while incorporating taxonomy-level analysis to assess sub-skill capabilities. Initial evaluations on 65 problems show that the top three models -- o1, o1-preview, and Claude-3.5-Sonnet-1022 -- achieved comparable average scores of 75%, with no statistically significant differences in performance. Notably, Claude-3.5-Sonnet-1022 demonstrated the highest consistency across problems, with low variability (SD = 0.0497), which was statistically significant compared to other models, highlighting its reliability for real-world software development tasks.

This paper introduces the Fair Fairness Benchmark (FFB), a benchmarking framework for in-processing group fairness methods. Ensuring fairness in machine learning is critical for ethical and legal compliance. However, there exist challenges in comparing and developing of fairness methods due to inconsistencies in experimental settings, lack of accessible algorithmic implementations, and limited extensibility of current fairness packages and tools. To address these issues, we introduce an open-source, standardized benchmark for evaluating in-processing group fairness methods and provide a comprehensive analysis of state-of-the-art methods to ensure different notions of group fairness. This work offers the following key contributions: the provision of flexible, extensible, minimalistic, and research-oriented open-source code; the establishment of unified fairness method benchmarking pipelines; and extensive benchmarking, which yields key insights from 45,079 experiments. We believe our work will significantly facilitate the growth and development of the fairness research community. The benchmark, including code and running logs, is available at https://github.com/ahxt/fair_fairness_benchmark

We introduce SECQUE, a comprehensive benchmark for evaluating large language models (LLMs) in financial analysis tasks. SECQUE comprises 565 expert-written questions covering SEC filings analysis across four key categories: comparison analysis, ratio calculation, risk assessment, and financial insight generation. To assess model performance, we develop SECQUE-Judge, an evaluation mechanism leveraging multiple LLM-based judges, which demonstrates strong alignment with human evaluations. Additionally, we provide an extensive analysis of various models' performance on our benchmark. By making SECQUE publicly available, we aim to facilitate further research and advancements in financial AI.

Fact-checking in financial domain is under explored, and there is a shortage of quality dataset in this domain. In this paper, we propose Fin-Fact, a benchmark dataset for multimodal fact-checking within the financial domain. Notably, it includes professional fact-checker annotations and justifications, providing expertise and credibility. With its multimodal nature encompassing both textual and visual content, Fin-Fact provides complementary information sources to enhance factuality analysis. Its primary objective is combating misinformation in finance, fostering transparency, and building trust in financial reporting and news dissemination. By offering insightful explanations, Fin-Fact empowers users, including domain experts and end-users, to understand the reasoning behind fact-checking decisions, validating claim credibility, and fostering trust in the fact-checking process. The Fin-Fact dataset, along with our experimental codes is available at https://github.com/IIT-DM/Fin-Fact/.

Audio Large Language Models (AudioLLMs) have received widespread attention and have significantly improved performance on audio tasks such as conversation, audio understanding, and automatic speech recognition (ASR). Despite these advancements, there is an absence of a benchmark for assessing AudioLLMs in financial scenarios, where audio data, such as earnings conference calls and CEO speeches, are crucial resources for financial analysis and investment decisions. In this paper, we introduce FinAudio, the first benchmark designed to evaluate the capacity of AudioLLMs in the financial domain. We first define three tasks based on the unique characteristics of the financial domain: 1) ASR for short financial audio, 2) ASR for long financial audio, and 3) summarization of long financial audio. Then, we curate two short and two long audio datasets, respectively, and develop a novel dataset for financial audio summarization, comprising the FinAudio benchmark. Then, we evaluate seven prevalent AudioLLMs on FinAudio. Our evaluation reveals the limitations of existing AudioLLMs in the financial domain and offers insights for improving AudioLLMs. All datasets and codes will be released.

Retrieval-Augmented Generation (RAG) plays a vital role in the financial domain, powering applications such as real-time market analysis, trend forecasting, and interest rate computation. However, most existing RAG research in finance focuses predominantly on textual data, overlooking the rich visual content in financial documents, resulting in the loss of key analytical insights. To bridge this gap, we present FinRAGBench-V, a comprehensive visual RAG benchmark tailored for finance which effectively integrates multimodal data and provides visual citation to ensure traceability. It includes a bilingual retrieval corpus with 60,780 Chinese and 51,219 English pages, along with a high-quality, human-annotated question-answering (QA) dataset spanning heterogeneous data types and seven question categories. Moreover, we introduce RGenCite, an RAG baseline that seamlessly integrates visual citation with generation. Furthermore, we propose an automatic citation evaluation method to systematically assess the visual citation capabilities of Multimodal Large Language Models (MLLMs). Extensive experiments on RGenCite underscore the challenging nature of FinRAGBench-V, providing valuable insights for the development of multimodal RAG systems in finance.

The past two decades have witnessed the rapid development of personalized recommendation techniques. Despite significant progress made in both research and practice of recommender systems, to date, there is a lack of a widely-recognized benchmarking standard in this field. Many existing studies perform model evaluations and comparisons in an ad-hoc manner, for example, by employing their own private data splits or using different experimental settings. Such conventions not only increase the difficulty in reproducing existing studies, but also lead to inconsistent experimental results among them. This largely limits the credibility and practical value of research results in this field. To tackle these issues, we present an initiative project (namely BARS) aiming for open benchmarking for recommender systems. In comparison to some earlier attempts towards this goal, we take a further step by setting up a standardized benchmarking pipeline for reproducible research, which integrates all the details about datasets, source code, hyper-parameter settings, running logs, and evaluation results. The benchmark is designed with comprehensiveness and sustainability in mind. It covers both matching and ranking tasks, and also enables researchers to easily follow and contribute to the research in this field. This project will not only reduce the redundant efforts of researchers to re-implement or re-run existing baselines, but also drive more solid and reproducible research on recommender systems. We would like to call upon everyone to use the BARS benchmark for future evaluation, and contribute to the project through the portal at: https://openbenchmark.github.io/BARS.

Recent advancements in large language models (LLMs) have significantly enhanced their coding capabilities. However, existing benchmarks predominantly focused on simplified or isolated aspects of programming, such as single-file code generation or repository issue debugging, falling short of measuring the full spectrum of challenges raised by real-world programming activities. To this end, we propose DevBench, a comprehensive benchmark that evaluates LLMs across various stages of the software development lifecycle, including software design, environment setup, implementation, acceptance testing, and unit testing. DevBench features a wide range of programming languages and domains, high-quality data collection, and carefully designed and verified metrics for each task. Empirical studies show that current LLMs, including GPT-4-Turbo, fail to solve the challenges presented within DevBench. Analyses reveal that models struggle with understanding the complex structures in the repository, managing the compilation process, and grasping advanced programming concepts. Our findings offer actionable insights for the future development of LLMs toward real-world programming applications. Our benchmark is available at https://github.com/open-compass/DevBench

Large Language Models (LLMs) vary in their abilities on a range of tasks. Initiatives such as the Open LLM Leaderboard aim to quantify these differences with several large benchmarks (sets of test items to which an LLM can respond either correctly or incorrectly). However, high correlations within and between benchmark scores suggest that (1) there exists a small set of common underlying abilities that these benchmarks measure, and (2) items tap into redundant information and the benchmarks may thus be considerably compressed. We use data from n > 5000 LLMs to identify the most informative items of six benchmarks, ARC, GSM8K, HellaSwag, MMLU, TruthfulQA and WinoGrande (with d=28,632 items in total). From them we distill a sparse benchmark, metabench, that has less than 3% of the original size of all six benchmarks combined. This new sparse benchmark goes beyond point scores by yielding estimators of the underlying benchmark-specific abilities. We show that these estimators (1) can be used to reconstruct each original individual benchmark score with, on average, 1.5% root mean square error (RMSE), (2) reconstruct the original total score with 0.8% RMSE, and (3) have a single underlying common factor whose Spearman correlation with the total score is r = 0.93.

Recent LLMs have demonstrated remarkable performance in solving exam-like math word problems. However, the degree to which these numerical reasoning skills are effective in real-world scenarios, particularly in expert domains, is still largely unexplored. This paper introduces DocMath-Eval, a comprehensive benchmark specifically designed to evaluate the numerical reasoning and problem-solving capabilities of LLMs in the context of understanding and analyzing financial documents containing both text and tables. We evaluate a wide spectrum of 19 LLMs, including those specialized in coding and finance. We also incorporate different prompting strategies (i.e., Chain-of-Thoughts and Program-of-Thoughts) to comprehensively assess the capabilities and limitations of existing LLMs in DocMath-Eval. We found that, although the current best-performing system (i.e., GPT-4), can perform well on simple problems such as calculating the rate of increase in a financial metric within a short document context, it significantly lags behind human experts in more complex problems grounded in longer contexts. We believe DocMath-Eval can be used as a valuable benchmark to evaluate LLMs' capabilities to solve challenging numerical reasoning problems in expert domains. We will release the benchmark and code at https://github.com/yale-nlp/DocMath-Eval.

The rapid advancement of Large Language Models (LLMs) necessitates robust evaluation methodologies. Current benchmarking approaches often rely on comparing model outputs against predefined prompts and reference outputs. Relying on predefined reference outputs hinders flexible adaptation of benchmarks to the rapidly evolving capabilities of LLMs. This limitation necessitates periodic efforts to prepare new benchmarks. To keep pace with rapidly evolving LLM capabilities, we propose a more flexible benchmarking approach. Our method, \textbf{Varco Arena}, provides reference-free benchmarking of LLMs in tournament style. \textbf{Varco Arena} directly compares LLM outputs across a diverse set of prompts, determining model rankings through a single-elimination tournament structure. This direct pairwise comparison offers two key advantages: (1) Direct comparison, unmediated by reference text, more effectively orders competing LLMs, resulting in more reliable rankings, and (2) reference-free approach to benchmarking adds flexibility in updating benchmark prompts by eliminating the need for quality references. Our empirical results, supported by simulation experiments, demonstrate that the \textbf{Varco Arena} tournament approach aligns better with the current Elo model for benchmarking LLMs. The alignment is measured in terms of Spearman correlation, showing improvement over current practice of benchmarking that use reference outputs as comparison anchors.

In a rapidly evolving job market, skill demand forecasting is crucial as it enables policymakers and businesses to anticipate and adapt to changes, ensuring that workforce skills align with market needs, thereby enhancing productivity and competitiveness. Additionally, by identifying emerging skill requirements, it directs individuals towards relevant training and education opportunities, promoting continuous self-learning and development. However, the absence of comprehensive datasets presents a significant challenge, impeding research and the advancement of this field. To bridge this gap, we present Job-SDF, a dataset designed to train and benchmark job-skill demand forecasting models. Based on 10.35 million public job advertisements collected from major online recruitment platforms in China between 2021 and 2023, this dataset encompasses monthly recruitment demand for 2,324 types of skills across 521 companies. Our dataset uniquely enables evaluating skill demand forecasting models at various granularities, including occupation, company, and regional levels. We benchmark a range of models on this dataset, evaluating their performance in standard scenarios, in predictions focused on lower value ranges, and in the presence of structural breaks, providing new insights for further research. Our code and dataset are publicly accessible via the https://github.com/Job-SDF/benchmark.

Event sequences, characterized by irregular sampling intervals and a mix of categorical and numerical features, are common data structures in various real-world domains such as healthcare, finance, and user interaction logs. Despite advances in temporal data modeling techniques, there is no standardized benchmarks for evaluating their performance on event sequences. This complicates result comparison across different papers due to varying evaluation protocols, potentially misleading progress in this field. We introduce EBES, a comprehensive benchmarking tool with standardized evaluation scenarios and protocols, focusing on regression and classification problems with sequence-level targets. Our library simplifies benchmarking, dataset addition, and method integration through a unified interface. It includes a novel synthetic dataset and provides preprocessed real-world datasets, including the largest publicly available banking dataset. Our results provide an in-depth analysis of datasets, identifying some as unsuitable for model comparison. We investigate the importance of modeling temporal and sequential components, as well as the robustness and scaling properties of the models. These findings highlight potential directions for future research. Our benchmark aim is to facilitate reproducible research, expediting progress and increasing real-world impacts.

Time series foundation models excel in zero-shot forecasting, handling diverse tasks without explicit training. However, the advancement of these models has been hindered by the lack of comprehensive benchmarks. To address this gap, we introduce the General Time Series Forecasting Model Evaluation, GIFT-Eval, a pioneering benchmark aimed at promoting evaluation across diverse datasets. GIFT-Eval encompasses 28 datasets over 144,000 time series and 177 million data points, spanning seven domains, 10 frequencies, multivariate inputs, and prediction lengths ranging from short to long-term forecasts. To facilitate the effective pretraining and evaluation of foundation models, we also provide a non-leaking pretraining dataset containing approximately 230 billion data points. Additionally, we provide a comprehensive analysis of 17 baselines, which includes statistical models, deep learning models, and foundation models. We discuss each model in the context of various benchmark characteristics and offer a qualitative analysis that spans both deep learning and foundation models. We believe the insights from this analysis, along with access to this new standard zero-shot time series forecasting benchmark, will guide future developments in time series foundation models. The codebase, datasets, and a leaderboard showing all the results in detail will be available soon.

Benchmarks such as SWE-bench and ARC-AGI demonstrate how shared datasets accelerate progress toward artificial general intelligence (AGI). We introduce VCBench, the first benchmark for predicting founder success in venture capital (VC), a domain where signals are sparse, outcomes are uncertain, and even top investors perform modestly. At inception, the market index achieves a precision of 1.9%. Y Combinator outperforms the index by a factor of 1.7x, while tier-1 firms are 2.9x better. VCBench provides 9,000 anonymized founder profiles, standardized to preserve predictive features while resisting identity leakage, with adversarial tests showing more than 90% reduction in re-identification risk. We evaluate nine state-of-the-art large language models (LLMs). DeepSeek-V3 delivers over six times the baseline precision, GPT-4o achieves the highest F0.5, and most models surpass human benchmarks. Designed as a public and evolving resource available at vcbench.com, VCBench establishes a community-driven standard for reproducible and privacy-preserving evaluation of AGI in early-stage venture forecasting.

Automated software engineering has been greatly empowered by the recent advances in Large Language Models (LLMs) for programming. While current benchmarks have shown that LLMs can perform various software engineering tasks like human developers, the majority of their evaluations are limited to short and self-contained algorithmic tasks. Solving challenging and practical programming tasks requires the capability of utilizing diverse function calls as tools to efficiently implement functionalities like data analysis and web development. In addition, using multiple tools to solve a task needs compositional reasoning by accurately understanding complex instructions. Fulfilling both of these characteristics can pose a great challenge for LLMs. To assess how well LLMs can solve challenging and practical programming tasks, we introduce Bench, a benchmark that challenges LLMs to invoke multiple function calls as tools from 139 libraries and 7 domains for 1,140 fine-grained programming tasks. To evaluate LLMs rigorously, each programming task encompasses 5.6 test cases with an average branch coverage of 99%. In addition, we propose a natural-language-oriented variant of Bench, Benchi, that automatically transforms the original docstrings into short instructions only with essential information. Our extensive evaluation of 60 LLMs shows that LLMs are not yet capable of following complex instructions to use function calls precisely, with scores up to 60%, significantly lower than the human performance of 97%. The results underscore the need for further advancements in this area.

We introduce the Formally Verified Automated Programming Progress Standards, or FVAPPS, a benchmark of 4715 samples for writing programs and proving their correctness, the largest formal verification benchmark, including 1083 curated and quality controlled samples. Previously, APPS provided a benchmark and dataset for programming puzzles to be completed in Python and checked against unit tests, of the kind seen in technical assessments in the software engineering industry. Building upon recent approaches for benchmarks in interactive theorem proving, we generalize the unit tests to Lean 4 theorems given without proof (i.e., using Lean's "sorry" keyword). On the 406 theorems of 100 randomly selected samples, Sonnet correctly proves 30% and Gemini correctly proves 18%. We challenge the machine learning and program synthesis communities to solve both each general purpose programming problem and its associated correctness specifications. The benchmark is available at https://huggingface.co/datasets/quinn-dougherty/fvapps.

Despite the recent advances in Large Language Models, benchmarks for evaluating legal writing remain scarce due to the inherent complexity of assessing open-ended responses in this domain. One of the key challenges in evaluating language models on domain-specific tasks is finding test datasets that are public, frequently updated, and contain comprehensive evaluation guidelines. The Brazilian Bar Examination meets these requirements. We introduce oab-bench, a benchmark comprising 105 questions across seven areas of law from recent editions of the exam. The benchmark includes comprehensive evaluation guidelines and reference materials used by human examiners to ensure consistent grading. We evaluate the performance of four LLMs on oab-bench, finding that Claude-3.5 Sonnet achieves the best results with an average score of 7.93 out of 10, passing all 21 exams. We also investigated whether LLMs can serve as reliable automated judges for evaluating legal writing. Our experiments show that frontier models like OpenAI's o1 achieve a strong correlation with human scores when evaluating approved exams, suggesting their potential as reliable automated evaluators despite the inherently subjective nature of legal writing assessment. The source code and the benchmark -- containing questions, evaluation guidelines, model-generated responses, and their respective automated evaluations -- are publicly available.

Benchmarks are essential for consistent evaluation and reproducibility. The integration of Artificial Intelligence into Software Engineering (AI4SE) has given rise to numerous benchmarks for tasks such as code generation and bug fixing. However, this surge presents challenges: (1) scattered benchmark knowledge across tasks, (2) difficulty in selecting relevant benchmarks, (3) the absence of a uniform standard for benchmark development, and (4) limitations of existing benchmarks. In this paper, we review 173 studies and identify 204 AI4SE benchmarks. We classify these benchmarks, analyze their limitations, and expose gaps in practices. Based on our review, we created BenchScout, a semantic search tool to find relevant benchmarks, using automated clustering of the contexts from associated studies. We conducted a user study with 22 participants to evaluate BenchScout's usability, effectiveness, and intuitiveness which resulted in average scores of 4.5, 4.0, and 4.1 out of 5. To advance benchmarking standards, we propose BenchFrame, a unified method to enhance benchmark quality. As a case study, we applied BenchFrame to the HumanEval benchmark and addressed its main limitations. This led to HumanEvalNext, featuring (1) corrected errors, (2) improved language conversion, (3) expanded test coverage, and (4) increased difficulty. We then evaluated ten state-of-the-art code language models on HumanEval, HumanEvalPlus, and HumanEvalNext. On HumanEvalNext, models showed a pass@1 score reduction of 31.22% and 19.94% compared to HumanEval and HumanEvalPlus, respectively.

Forecasting is an important task in many domains, such as technology and economics. However existing forecasting benchmarks largely lack comprehensive confidence assessment, focus on limited question types, and often consist of artificial questions that do not align with real-world human forecasting needs. To address these gaps, we introduce FOReCAst (Future Outcome Reasoning and Confidence Assessment), a benchmark that evaluates models' ability to make predictions and their confidence in them. FOReCAst spans diverse forecasting scenarios involving Boolean questions, timeframe prediction, and quantity estimation, enabling a comprehensive evaluation of both prediction accuracy and confidence calibration for real-world applications.

We introduce WebApp1K, a practical code-generation benchmark to measure LLM ability to develop web apps. This benchmark aims to calibrate LLM output and aid the models to progressively improve code correctness and functionality. The benchmark is lightweight and easy to run. We present the initial version of WebApp1K, and share our findings of running the benchmark against the latest frontier LLMs. First, open source LLMs deliver impressive performance, closely trailing behind GPT-4o and Claude 3.5. Second, model size has strong correlation with code correctness. Third, no prompting techniques have been found to lift performance either universally to all models, or significantly to a single model.

This paper introduces the human-curated PandasPlotBench dataset, designed to evaluate language models' effectiveness as assistants in visual data exploration. Our benchmark focuses on generating code for visualizing tabular data - such as a Pandas DataFrame - based on natural language instructions, complementing current evaluation tools and expanding their scope. The dataset includes 175 unique tasks. Our experiments assess several leading Large Language Models (LLMs) across three visualization libraries: Matplotlib, Seaborn, and Plotly. We show that the shortening of tasks has a minimal effect on plotting capabilities, allowing for the user interface that accommodates concise user input without sacrificing functionality or accuracy. Another of our findings reveals that while LLMs perform well with popular libraries like Matplotlib and Seaborn, challenges persist with Plotly, highlighting areas for improvement. We hope that the modular design of our benchmark will broaden the current studies on generating visualizations. Our benchmark is available online: https://huggingface.co/datasets/JetBrains-Research/plot_bench. The code for running the benchmark is also available: https://github.com/JetBrains-Research/PandasPlotBench.

Benchmarks for large multimodal language models (MLMs) now serve to simultaneously assess the general capabilities of models instead of evaluating for a specific capability. As a result, when a developer wants to identify which models to use for their application, they are overwhelmed by the number of benchmarks and remain uncertain about which benchmark's results are most reflective of their specific use case. This paper introduces Task-Me-Anything, a benchmark generation engine which produces a benchmark tailored to a user's needs. Task-Me-Anything maintains an extendable taxonomy of visual assets and can programmatically generate a vast number of task instances. Additionally, it algorithmically addresses user queries regarding MLM performance efficiently within a computational budget. It contains 113K images, 10K videos, 2K 3D object assets, over 365 object categories, 655 attributes, and 335 relationships. It can generate 750M image/video question-answering pairs, which focus on evaluating MLM perceptual capabilities. Task-Me-Anything reveals critical insights: open-source MLMs excel in object and attribute recognition but lack spatial and temporal understanding; each model exhibits unique strengths and weaknesses; larger models generally perform better, though exceptions exist; and GPT4o demonstrates challenges in recognizing rotating/moving objects and distinguishing colors.

Existing retrieval benchmarks primarily consist of information-seeking queries (e.g., aggregated questions from search engines) where keyword or semantic-based retrieval is usually sufficient. However, many complex real-world queries require in-depth reasoning to identify relevant documents that go beyond surface form matching. For example, finding documentation for a coding question requires understanding the logic and syntax of the functions involved. To better benchmark retrieval on such challenging queries, we introduce BRIGHT, the first text retrieval benchmark that requires intensive reasoning to retrieve relevant documents. BRIGHT is constructed from the 1,398 real-world queries collected from diverse domains (such as economics, psychology, robotics, software engineering, earth sciences, etc.), sourced from naturally occurring or carefully curated human data. Extensive evaluation reveals that even state-of-the-art retrieval models perform poorly on BRIGHT. The leading model on the MTEB leaderboard [38 ], which achieves a score of 59.0 nDCG@10,2 produces a score of nDCG@10 of 18.0 on BRIGHT. We further demonstrate that augmenting queries with Chain-of-Thought reasoning generated by large language models (LLMs) improves performance by up to 12.2 points. Moreover, BRIGHT is robust against data leakage during pretraining of the benchmarked models as we validate by showing similar performance even when documents from the benchmark are included in the training data. We believe that BRIGHT paves the way for future research on retrieval systems in more realistic and challenging settings. Our code and data are available at https://brightbenchmark.github.io.

We present a benchmark dataset for evaluating method-level code generation task. The benchmark contains a dataset of 175 samples for automated evaluation and a dataset of 161 samples for manual evaluation. We also present a new metric for automatically evaluating the correctness of the generated code, and a set of criteria to manually evaluating the overall quality of the generated code.

With the advent of highly capable instruction-tuned neural language models, benchmarking in natural language processing (NLP) is increasingly shifting towards pairwise comparison leaderboards, such as LMSYS Arena, from traditional global pointwise scores (e.g., GLUE, BIG-bench, SWE-bench). This paper empirically investigates the strengths and weaknesses of both global scores and pairwise comparisons to aid decision-making in selecting appropriate model evaluation strategies. Through computational experiments on synthetic and real-world datasets using standard global metrics and the popular Bradley-Terry model for pairwise comparisons, we found that while global scores provide more reliable overall rankings, they can underestimate strong models with rare, significant errors or low confidence. Conversely, pairwise comparisons are particularly effective for identifying strong contenders among models with lower global scores, especially where quality metrics are hard to define (e.g., text generation), though they require more comparisons to converge if ties are frequent. Our code and data are available at https://github.com/HSPyroblast/srw-ranking under a permissive license.

Data analytics is essential for extracting valuable insights from data that can assist organizations in making effective decisions. We introduce InsightBench, a benchmark dataset with three key features. First, it consists of 100 datasets representing diverse business use cases such as finance and incident management, each accompanied by a carefully curated set of insights planted in the datasets. Second, unlike existing benchmarks focusing on answering single queries, InsightBench evaluates agents based on their ability to perform end-to-end data analytics, including formulating questions, interpreting answers, and generating a summary of insights and actionable steps. Third, we conducted comprehensive quality assurance to ensure that each dataset in the benchmark had clear goals and included relevant and meaningful questions and analysis. Furthermore, we implement a two-way evaluation mechanism using LLaMA-3 as an effective, open-source evaluator to assess agents' ability to extract insights. We also propose AgentPoirot, our baseline data analysis agent capable of performing end-to-end data analytics. Our evaluation on InsightBench shows that AgentPoirot outperforms existing approaches (such as Pandas Agent) that focus on resolving single queries. We also compare the performance of open- and closed-source LLMs and various evaluation strategies. Overall, this benchmark serves as a testbed to motivate further development in comprehensive automated data analytics and can be accessed here: https://github.com/ServiceNow/insight-bench.

Function calling is a core capability of large language models, essential for AI agents. Existing benchmarks such as the Berkeley Function Calling Leaderboard (BFCL), tau^2-Bench (arXiv:2506.07982), and ACEBench (arXiv:2501.12851) evaluate argument correctness but do not test adherence to format instructions embedded in parameter descriptions, such as enclosing values in double quotes or using ISO date formats. We introduce IFEval-FC, a benchmark inspired by IFEval (arXiv:2311.07911) that assesses precise instruction following in function calling. IFEval-FC encodes verifiable formats directly within JSON schema descriptions, for example specifying that a value must not contain punctuation. It includes 750 test cases, each consisting of a function with an embedded format for one of its input parameters and a corresponding user query. Evaluation is fully algorithmic, ensuring objectivity, reproducibility, and scalability. Our results show that even state-of-the-art proprietary models, including GPT-5 and Claude 4.1 Opus, frequently fail to follow basic formatting rules, highlighting a practical limitation for real-world agent systems. The complete codebase and data are publicly available at https://github.com/Skripkon/IFEval-FC.

Evaluations are limited by benchmark availability. As models evolve, there is a need to create benchmarks that can measure progress on new generative capabilities. However, creating new benchmarks through human annotations is slow and expensive, restricting comprehensive evaluations for any capability. We introduce BENCHAGENTS, a framework that methodically leverages large language models (LLMs) to automate benchmark creation for complex capabilities while inherently ensuring data and metric quality. BENCHAGENTS decomposes the benchmark creation process into planning, generation, data verification, and evaluation, each of which is executed by an LLM agent. These agents interact with each other and utilize human-in-the-loop feedback from benchmark developers to explicitly improve and flexibly control data diversity and quality. We use BENCHAGENTS to create benchmarks to evaluate capabilities related to planning and constraint satisfaction during text generation. We then use these benchmarks to study seven state-of-the-art models and extract new insights on common failure modes and model differences.

The increasing versatility of language models LMs has given rise to a new class of benchmarks that comprehensively assess a broad range of capabilities. Such benchmarks are associated with massive computational costs reaching thousands of GPU hours per model. However the efficiency aspect of these evaluation efforts had raised little discussion in the literature. In this work we present the problem of Efficient Benchmarking namely intelligently reducing the computation costs of LM evaluation without compromising reliability. Using the HELM benchmark as a test case we investigate how different benchmark design choices affect the computation-reliability tradeoff. We propose to evaluate the reliability of such decisions by using a new measure Decision Impact on Reliability DIoR for short. We find for example that the current leader on HELM may change by merely removing a low-ranked model from the benchmark and observe that a handful of examples suffice to obtain the correct benchmark ranking. Conversely a slightly different choice of HELM scenarios varies ranking widely. Based on our findings we outline a set of concrete recommendations for more efficient benchmark design and utilization practices leading to dramatic cost savings with minimal loss of benchmark reliability often reducing computation by x100 or more.

With the increasing code reasoning capabilities of existing large language models (LLMs) and breakthroughs in reasoning models like OpenAI o1 and o3, there is a growing need to develop more challenging and comprehensive benchmarks that effectively test their sophisticated competition-level coding abilities. Existing benchmarks, like LiveCodeBench and USACO, fall short due to the unavailability of private test cases, lack of support for special judges, and misaligned execution environments. To bridge this gap, we introduce CodeElo, a standardized competition-level code generation benchmark that effectively addresses all these challenges for the first time. CodeElo benchmark is mainly based on the official CodeForces platform and tries to align with the platform as much as possible. We compile the recent six months of contest problems on CodeForces with detailed information such as contest divisions, problem difficulty ratings, and problem algorithm tags. We introduce a unique judging method in which problems are submitted directly to the platform and develop a reliable Elo rating calculation system that aligns with the platform and is comparable with human participants but has lower variance. By testing on our CodeElo, we provide the Elo ratings of 30 existing popular open-source and 3 proprietary LLMs for the first time. The results show that o1-mini and QwQ-32B-Preview stand out significantly, achieving Elo ratings of 1578 and 1261, respectively, while other models struggle even with the easiest problems, placing in the lowest 20 percent among all human participants. Detailed analysis experiments are also conducted to provide insights into performance across algorithms and comparisons between using C++ and Python, which can suggest directions for future studies.

Can the rapid advances in code generation, function calling, and data analysis using large language models (LLMs) help automate the search and verification of hypotheses purely from a set of provided datasets? To evaluate this question, we present DiscoveryBench, the first comprehensive benchmark that formalizes the multi-step process of data-driven discovery. The benchmark is designed to systematically assess current model capabilities in discovery tasks and provide a useful resource for improving them. Our benchmark contains 264 tasks collected across 6 diverse domains, such as sociology and engineering, by manually deriving discovery workflows from published papers to approximate the real-world challenges faced by researchers, where each task is defined by a dataset, its metadata, and a discovery goal in natural language. We additionally provide 903 synthetic tasks to conduct controlled evaluations across task complexity. Furthermore, our structured formalism of data-driven discovery enables a facet-based evaluation that provides useful insights into different failure modes. We evaluate several popular LLM-based reasoning frameworks using both open and closed LLMs as baselines on DiscoveryBench and find that even the best system scores only 25%. Our benchmark, thus, illustrates the challenges in autonomous data-driven discovery and serves as a valuable resource for the community to make progress.

We present GeoGrid-Bench, a benchmark designed to evaluate the ability of foundation models to understand geo-spatial data in the grid structure. Geo-spatial datasets pose distinct challenges due to their dense numerical values, strong spatial and temporal dependencies, and unique multimodal representations including tabular data, heatmaps, and geographic visualizations. To assess how foundation models can support scientific research in this domain, GeoGrid-Bench features large-scale, real-world data covering 16 climate variables across 150 locations and extended time frames. The benchmark includes approximately 3,200 question-answer pairs, systematically generated from 8 domain expert-curated templates to reflect practical tasks encountered by human scientists. These range from basic queries at a single location and time to complex spatiotemporal comparisons across regions and periods. Our evaluation reveals that vision-language models perform best overall, and we provide a fine-grained analysis of the strengths and limitations of different foundation models in different geo-spatial tasks. This benchmark offers clearer insights into how foundation models can be effectively applied to geo-spatial data analysis and used to support scientific research.

Lately, propelled by the phenomenal advances around the transformer architecture, the legal NLP field has enjoyed spectacular growth. To measure progress, well curated and challenging benchmarks are crucial. However, most benchmarks are English only and in legal NLP specifically there is no multilingual benchmark available yet. Additionally, many benchmarks are saturated, with the best models clearly outperforming the best humans and achieving near perfect scores. We survey the legal NLP literature and select 11 datasets covering 24 languages, creating LEXTREME. To provide a fair comparison, we propose two aggregate scores, one based on the datasets and one on the languages. The best baseline (XLM-R large) achieves both a dataset aggregate score a language aggregate score of 61.3. This indicates that LEXTREME is still very challenging and leaves ample room for improvement. To make it easy for researchers and practitioners to use, we release LEXTREME on huggingface together with all the code required to evaluate models and a public Weights and Biases project with all the runs.

We propose a reinforcement learning (RL) framework that leverages multimodal data including historical stock prices, sentiment analysis, and topic embeddings from news articles, to optimize trading strategies for SP100 stocks. Building upon recent advancements in financial reinforcement learning, we aim to enhance the state space representation by integrating financial sentiment data from SEC filings and news headlines and refining the reward function to better align with portfolio performance metrics. Our methodology includes deep reinforcement learning with state tensors comprising price data, sentiment scores, and news embeddings, processed through advanced feature extraction models like CNNs and RNNs. By benchmarking against traditional portfolio optimization techniques and advanced strategies, we demonstrate the efficacy of our approach in delivering superior portfolio performance. Empirical results showcase the potential of our agent to outperform standard benchmarks, especially when utilizing combined data sources under profit-based reward functions.

Recent advancements in Language Models (LMs) have catalyzed the creation of multiple benchmarks, designed to assess these models' general capabilities. A crucial task, however, is assessing the validity of the benchmarks themselves. This is most commonly done via Benchmark Agreement Testing (BAT), where new benchmarks are validated against established ones using some agreement metric (e.g., rank correlation). Despite the crucial role of BAT for benchmark builders and consumers, there are no standardized procedures for such agreement testing. This deficiency can lead to invalid conclusions, fostering mistrust in benchmarks and upending the ability to properly choose the appropriate benchmark to use. By analyzing over 40 prominent benchmarks, we demonstrate how some overlooked methodological choices can significantly influence BAT results, potentially undermining the validity of conclusions. To address these inconsistencies, we propose a set of best practices for BAT and demonstrate how utilizing these methodologies greatly improves BAT robustness and validity. To foster adoption and facilitate future research,, we introduce BenchBench, a python package for BAT, and release the BenchBench-leaderboard, a meta-benchmark designed to evaluate benchmarks using their peers. Our findings underscore the necessity for standardized BAT, ensuring the robustness and validity of benchmark evaluations in the evolving landscape of language model research. BenchBench Package: https://github.com/IBM/BenchBench Leaderboard: https://huggingface.co/spaces/per/BenchBench

Advancements in LLMs have enhanced task automation in software engineering; however, current evaluations primarily focus on natural language tasks, overlooking code quality. Most benchmarks prioritize high-level reasoning over executable code and real-world performance, leaving gaps in understanding true capabilities and risks associated with these models in production. To address this issue, we propose MERA Code, a new addition to the MERA benchmark family, specifically focused on evaluating code for the latest code generation LLMs in Russian. This benchmark includes 11 evaluation tasks that span 8 programming languages. Our proposed evaluation methodology features a taxonomy that outlines the practical coding skills necessary for models to complete these tasks. The benchmark comprises an open-source codebase for users to conduct MERA assessments, a scoring system compatible with various programming environments, and a platform featuring a leaderboard and submission system. We evaluate open LLMs and frontier API models, analyzing their limitations in terms of practical coding tasks in non-English languages. We are publicly releasing MERA to guide future research, anticipate groundbreaking features in model development, and standardize evaluation procedures.

Financial AI holds great promise for transforming modern finance, with the potential to support a wide range of tasks such as market forecasting, portfolio management, quantitative trading, and automated analysis. However, existing platforms remain limited in task coverage, lack robust multimodal data integration, and offer insufficient support for the training and deployment of large language models (LLMs). In response to these limitations, we present FinWorld, an all-in-one open-source platform that provides end-to-end support for the entire financial AI workflow, from data acquisition to experimentation and deployment. FinWorld distinguishes itself through native integration of heterogeneous financial data, unified support for diverse AI paradigms, and advanced agent automation, enabling seamless development and deployment. Leveraging data from 2 representative markets, 4 stock pools, and over 800 million financial data points, we conduct comprehensive experiments on 4 key financial AI tasks. These experiments systematically evaluate deep learning and reinforcement learning algorithms, with particular emphasis on RL-based finetuning for LLMs and LLM Agents. The empirical results demonstrate that FinWorld significantly enhances reproducibility, supports transparent benchmarking, and streamlines deployment, thereby providing a strong foundation for future research and real-world applications. Code is available at Github~https://github.com/DVampire/FinWorld.

The LLM Agent, equipped with a code interpreter, is capable of automatically solving real-world coding tasks, such as data analysis and image editing. However, existing benchmarks primarily focus on either simplistic tasks, such as completing a few lines of code, or on extremely complex and specific tasks at the repository level, neither of which are representative of various daily coding tasks. To address this gap, we introduce PyBench, a benchmark encompassing five main categories of real-world tasks, covering more than 10 types of files. Given a high-level user query and related files, the LLM Agent needs to reason and execute Python code via a code interpreter for a few turns before making a formal response to fulfill the user's requirements. Successfully addressing tasks in PyBench demands a robust understanding of various Python packages, superior reasoning capabilities, and the ability to incorporate feedback from executed code. Our evaluations indicate that current open-source LLMs are struggling with these tasks. Hence, we conduct analysis and experiments on four kinds of datasets proving that comprehensive abilities are needed for PyBench. Our fine-tuned 8B size model: PyLlama3 achieves an exciting performance on PyBench which surpasses many 33B and 70B size models. Our Benchmark, Training Dataset, and Model are available at: https://github.com/Mercury7353/PyBench{https://github.com/Mercury7353/PyBench}

Benchmarks are important tools for tracking the rapid advancements in large language model (LLM) capabilities. However, benchmarks are not keeping pace in difficulty: LLMs now achieve over 90\% accuracy on popular benchmarks like MMLU, limiting informed measurement of state-of-the-art LLM capabilities. In response, we introduce Humanity's Last Exam (HLE), a multi-modal benchmark at the frontier of human knowledge, designed to be the final closed-ended academic benchmark of its kind with broad subject coverage. HLE consists of 3,000 questions across dozens of subjects, including mathematics, humanities, and the natural sciences. HLE is developed globally by subject-matter experts and consists of multiple-choice and short-answer questions suitable for automated grading. Each question has a known solution that is unambiguous and easily verifiable, but cannot be quickly answered via internet retrieval. State-of-the-art LLMs demonstrate low accuracy and calibration on HLE, highlighting a significant gap between current LLM capabilities and the expert human frontier on closed-ended academic questions. To inform research and policymaking upon a clear understanding of model capabilities, we publicly release HLE at https://lastexam.ai.

Recent advances in large language models (LLMs) have increased the demand for comprehensive benchmarks to evaluate their capabilities as human-like agents. Existing benchmarks, while useful, often focus on specific application scenarios, emphasizing task completion but failing to dissect the underlying skills that drive these outcomes. This lack of granularity makes it difficult to deeply discern where failures stem from. Additionally, setting up these environments requires considerable effort, and issues of unreliability and reproducibility sometimes arise, especially in interactive tasks. To address these limitations, we introduce the Massive Multitask Agent Understanding (MMAU) benchmark, featuring comprehensive offline tasks that eliminate the need for complex environment setups. It evaluates models across five domains, including teal{Tool-use}, teal{Directed Acyclic Graph (DAG) QA}, teal{Data Science and Machine Learning coding}, teal{Contest-level programming} and teal{Mathematics}, and covers five essential capabilities: orange{Understanding}, orange{Reasoning}, orange{Planning}, orange{Problem-solving}, and orange{Self-correction}. With a total of 20 meticulously designed tasks encompassing over 3K distinct prompts, MMAU provides a comprehensive framework for evaluating the strengths and limitations of LLM agents. By testing 18 representative models on MMAU, we provide deep and insightful analyses. Ultimately, MMAU not only sheds light on the capabilities and limitations of LLM agents but also enhances the interpretability of their performance. Datasets and evaluation scripts of MMAU are released at https://github.com/apple/axlearn/docs/research/mmau.

We introduce TimeSeriesGym, a scalable benchmarking framework for evaluating Artificial Intelligence (AI) agents on time series machine learning engineering challenges. Existing benchmarks lack scalability, focus narrowly on model building in well-defined settings, and evaluate only a limited set of research artifacts (e.g., CSV submission files). To make AI agent benchmarking more relevant to the practice of machine learning engineering, our framework scales along two critical dimensions. First, recognizing that effective ML engineering requires a range of diverse skills, TimeSeriesGym incorporates challenges from diverse sources spanning multiple domains and tasks. We design challenges to evaluate both isolated capabilities (including data handling, understanding research repositories, and code translation) and their combinations, and rather than addressing each challenge independently, we develop tools that support designing multiple challenges at scale. Second, we implement evaluation mechanisms for multiple research artifacts, including submission files, code, and models, using both precise numeric measures and more flexible LLM-based evaluation approaches. This dual strategy balances objective assessment with contextual judgment. Although our initial focus is on time series applications, our framework can be readily extended to other data modalities, broadly enhancing the comprehensiveness and practical utility of agentic AI evaluation. We open-source our benchmarking framework to facilitate future research on the ML engineering capabilities of AI agents.

Code large language models (LLMs) have shown remarkable advances in code understanding, completion, and generation tasks. Programming benchmarks, comprised of a selection of code challenges and corresponding test cases, serve as a standard to evaluate the capability of different LLMs in such tasks. However, most existing benchmarks primarily focus on Python and are still restricted to a limited number of languages, where other languages are translated from the Python samples (e.g. MultiPL-E) degrading the data diversity. To further facilitate the research of code LLMs, we propose a massively multilingual code benchmark covering 40 programming languages (McEval) with 16K test samples, which substantially pushes the limits of code LLMs in multilingual scenarios. The benchmark contains challenging code completion, understanding, and generation evaluation tasks with finely curated massively multilingual instruction corpora McEval-Instruct. In addition, we introduce an effective multilingual coder mCoder trained on McEval-Instruct to support multilingual programming language generation. Extensive experimental results on McEval show that there is still a difficult journey between open-source models and closed-source LLMs (e.g. GPT-series models) in numerous languages. The instruction corpora, evaluation benchmark, and leaderboard are available at https://mceval.github.io/.

With the rapid advancement of Large Language Models (LLMs), there is an increasing need for challenging benchmarks to evaluate their capabilities in handling complex tabular data. However, existing benchmarks are either based on outdated data setups or focus solely on simple, flat table structures. In this paper, we introduce RealHiTBench, a comprehensive benchmark designed to evaluate the performance of both LLMs and Multimodal LLMs (MLLMs) across a variety of input formats for complex tabular data, including LaTeX, HTML, and PNG. RealHiTBench also includes a diverse collection of tables with intricate structures, spanning a wide range of task types. Our experimental results, using 25 state-of-the-art LLMs, demonstrate that RealHiTBench is indeed a challenging benchmark. Moreover, we also develop TreeThinker, a tree-based pipeline that organizes hierarchical headers into a tree structure for enhanced tabular reasoning, validating the importance of improving LLMs' perception of table hierarchies. We hope that our work will inspire further research on tabular data reasoning and the development of more robust models. The code and data are available at https://github.com/cspzyy/RealHiTBench.

LLMs have become the go-to choice for code generation tasks, with an exponential increase in the training, development, and usage of LLMs specifically for code generation. To evaluate the ability of LLMs on code, both academic and industry practitioners rely on popular handcrafted benchmarks. However, prior benchmarks contain only a very limited set of problems, both in quantity and variety. Further, due to popularity and age, many benchmarks are prone to data leakage where example solutions can be readily found on the web and thus potentially in training data. Such limitations inevitably lead us to inquire: Is the leaderboard performance on existing benchmarks reliable and comprehensive enough to measure the program synthesis ability of LLMs? To address this, we introduce EvoEval -- a program synthesis benchmark suite created by evolving existing benchmarks into different targeted domains for a comprehensive evaluation of LLM coding abilities. Our study on 51 LLMs shows that compared to the high performance obtained on standard benchmarks like HumanEval, there is a significant drop in performance (on average 39.4%) when using EvoEval. Additionally, the decrease in performance can range from 19.6% to 47.7%, leading to drastic ranking changes amongst LLMs and showing potential overfitting of existing benchmarks. Furthermore, we showcase various insights, including the brittleness of instruction-following models when encountering rewording or subtle changes as well as the importance of learning problem composition and decomposition. EvoEval not only provides comprehensive benchmarks, but can be used to further evolve arbitrary problems to keep up with advances and the ever-changing landscape of LLMs for code. We have open-sourced our benchmarks, tools, and complete LLM generations at https://github.com/evo-eval/evoeval

Embedding models play a crucial role in representing and retrieving information across various NLP applications. Recent advancements in Large Language Models (LLMs) have further enhanced the performance of embedding models, which are trained on massive amounts of text covering almost every domain. These models are often benchmarked on general-purpose datasets like Massive Text Embedding Benchmark (MTEB), where they demonstrate superior performance. However, a critical question arises: Is the development of domain-specific embedding models necessary when general-purpose models are trained on vast corpora that already include specialized domain texts? In this paper, we empirically investigate this question, choosing the finance domain as an example. We introduce the Finance Massive Text Embedding Benchmark (FinMTEB), a counterpart to MTEB that consists of financial domain-specific text datasets. We evaluate the performance of seven state-of-the-art embedding models on FinMTEB and observe a significant performance drop compared to their performance on MTEB. To account for the possibility that this drop is driven by FinMTEB's higher complexity, we propose four measures to quantify dataset complexity and control for this factor in our analysis. Our analysis provides compelling evidence that state-of-the-art embedding models struggle to capture domain-specific linguistic and semantic patterns, even when trained on large general-purpose corpora. This study sheds light on the necessity of developing domain-specific embedding models in the LLM era, offering valuable insights for researchers and practitioners.

Current foundation models exhibit impressive capabilities when prompted either with text only or with both image and text inputs. But do their capabilities change depending on the input modality? In this work, we propose IsoBench, a benchmark dataset containing problems from four major areas: math, science, algorithms, and games. Each example is presented with multiple isomorphic representations of inputs, such as visual, textual, and mathematical presentations. IsoBench provides fine-grained feedback to diagnose performance gaps caused by the form of the representation. Across various foundation models, we observe that on the same problem, models have a consistent preference towards textual representations. Most prominently, when evaluated on all IsoBench problems, Claude-3 Opus performs 28.7 points worse when provided with images instead of text; similarly, GPT-4 Turbo is 18.7 points worse and Gemini Pro is 14.9 points worse. Finally, we present two prompting techniques, IsoCombination and IsoScratchPad, which improve model performance by considering combinations of, and translations between, different input representations.

We introduce DABstep, a novel benchmark for evaluating AI agents on realistic multi-step data analysis tasks. DABstep comprises over 450 real-world challenges derived from a financial analytics platform, requiring models to combine code-based data processing with contextual reasoning over heterogeneous documentation. Each task demands an iterative, multi-step problem-solving approach, testing capabilities in data manipulation, cross-referencing multiple sources, and precise result reporting. The benchmark provides a factoid-style answer format with automatic correctness checks for objective scoring at scale. We evaluate leading LLM-based agents, revealing a substantial performance gap: even the best agent achieves only 14.55% accuracy on the hardest tasks. We detail our benchmark's design, dataset composition, task formulation, evaluation protocol, report baseline results and analyze failure modes. DABstep is released with a public leaderboard and toolkit to accelerate research in autonomous data analysis.

Foundation models (FMs) provide societal benefits but also amplify risks. Governments, companies, and researchers have proposed regulatory frameworks, acceptable use policies, and safety benchmarks in response. However, existing public benchmarks often define safety categories based on previous literature, intuitions, or common sense, leading to disjointed sets of categories for risks specified in recent regulations and policies, which makes it challenging to evaluate and compare FMs across these benchmarks. To bridge this gap, we introduce AIR-Bench 2024, the first AI safety benchmark aligned with emerging government regulations and company policies, following the regulation-based safety categories grounded in our AI risks study, AIR 2024. AIR 2024 decomposes 8 government regulations and 16 company policies into a four-tiered safety taxonomy with 314 granular risk categories in the lowest tier. AIR-Bench 2024 contains 5,694 diverse prompts spanning these categories, with manual curation and human auditing to ensure quality. We evaluate leading language models on AIR-Bench 2024, uncovering insights into their alignment with specified safety concerns. By bridging the gap between public benchmarks and practical AI risks, AIR-Bench 2024 provides a foundation for assessing model safety across jurisdictions, fostering the development of safer and more responsible AI systems.

Time series foundation models (TSFMs) offer strong zero-shot forecasting via large-scale pre-training, yet fine-tuning remains critical for boosting performance in domains with limited public data. With the growing number of TSFMs, efficiently identifying the best model for downstream fine-tuning becomes increasingly challenging. In this work, we introduce TimeTic, a transferability estimation framework that recasts model selection as an in-context-learning problem: given observations on known (source) datasets, it predicts how a TSFM will perform after fine-tuning on a downstream (target) dataset. TimeTic flexibly organizes the observed model-data relationships as contextual information, allowing it to adapt seamlessly to various test-time scenarios. Leveraging the natural tabular structure formed by dataset meta-features, model characteristics, and fine-tuned performance, we employ tabular foundation models to serve as in-context learners. We further introduce a novel model characterization based on entropy evolution across model layers, capturing embedding-space distinctions and enabling TimeTic to generalize across arbitrary model sets. We establish a comprehensive benchmark for transferability estimation including 10 datasets, 10 foundation models, and 3 forecasting tasks. On this benchmark, TimeTic's estimation demonstrates strong alignment with actual fine-tuned performance for previously unseen datasets, achieving a mean rank correlation of approximately 0.6 and a 30% improvement compared to using zero-shot performance as the transferability score.

In this work, we present the first open leaderboard for evaluating Korean large language models focused on finance. Operated for about eight weeks, the leaderboard evaluated 1,119 submissions on a closed benchmark covering five MCQA categories: finance and accounting, stock price prediction, domestic company analysis, financial markets, and financial agent tasks and one open-ended qa task. Building on insights from these evaluations, we release an open instruction dataset of 80k instances and summarize widely used training strategies observed among top-performing models. Finally, we introduce Won, a fully open and transparent LLM built using these best practices. We hope our contributions help advance the development of better and safer financial LLMs for Korean and other languages.

Extensive research has been conducted to explore the capabilities of large language models (LLMs) in table reasoning. However, the essential task of transforming tables information into reports remains a significant challenge for industrial applications. This task is plagued by two critical issues: 1) the complexity and diversity of tables lead to suboptimal reasoning outcomes; and 2) existing table benchmarks lack the capacity to adequately assess the practical application of this task. To fill this gap, we propose the table-to-report task and construct a bilingual benchmark named T2R-bench, where the key information flow from the tables to the reports for this task. The benchmark comprises 457 industrial tables, all derived from real-world scenarios and encompassing 19 industry domains as well as 4 types of industrial tables. Furthermore, we propose an evaluation criteria to fairly measure the quality of report generation. The experiments on 25 widely-used LLMs reveal that even state-of-the-art models like Deepseek-R1 only achieves performance with 62.71 overall score, indicating that LLMs still have room for improvement on T2R-bench. Source code and data will be available after acceptance.

With the growing reliance on automated code completion tools in software development, the need for robust evaluation benchmarks has become critical. However, existing benchmarks focus more on code generation tasks in function and class level and provide rich text description to prompt the model. By contrast, such descriptive prompt is commonly unavailable in real development and code completion can occur in wider range of situations such as in the middle of a function or a code block. These limitations makes the evaluation poorly align with the practical scenarios of code completion tools. In this paper, we propose RepoMasterEval, a novel benchmark for evaluating code completion models constructed from real-world Python and TypeScript repositories. Each benchmark datum is generated by masking a code snippet (ground truth) from one source code file with existing test suites. To improve test accuracy of model generated code, we employ mutation testing to measure the effectiveness of the test cases and we manually crafted new test cases for those test suites with low mutation score. Our empirical evaluation on 6 state-of-the-art models shows that test argumentation is critical in improving the accuracy of the benchmark and RepoMasterEval is able to report difference in model performance in real-world scenarios. The deployment of RepoMasterEval in a collaborated company for one month also revealed that the benchmark is useful to give accurate feedback during model training and the score is in high correlation with the model's performance in practice. Based on our findings, we call for the software engineering community to build more LLM benchmarks tailored for code generation tools taking the practical and complex development environment into consideration.

Credit and risk assessments are cornerstones of the financial landscape, impacting both individual futures and broader societal constructs. Existing credit scoring models often exhibit limitations stemming from knowledge myopia and task isolation. In response, we formulate three hypotheses and undertake an extensive case study to investigate LLMs' viability in credit assessment. Our empirical investigations unveil LLMs' ability to overcome the limitations inherent in conventional models. We introduce a novel benchmark curated for credit assessment purposes, fine-tune a specialized Credit and Risk Assessment Large Language Model (CALM), and rigorously examine the biases that LLMs may harbor. Our findings underscore LLMs' potential in revolutionizing credit assessment, showcasing their adaptability across diverse financial evaluations, and emphasizing the critical importance of impartial decision-making in the financial sector. Our datasets, models, and benchmarks are open-sourced for other researchers.

Financial sentiment analysis is critical for valuation and investment decision-making. Traditional NLP models, however, are limited by their parameter size and the scope of their training datasets, which hampers their generalization capabilities and effectiveness in this field. Recently, Large Language Models (LLMs) pre-trained on extensive corpora have demonstrated superior performance across various NLP tasks due to their commendable zero-shot abilities. Yet, directly applying LLMs to financial sentiment analysis presents challenges: The discrepancy between the pre-training objective of LLMs and predicting the sentiment label can compromise their predictive performance. Furthermore, the succinct nature of financial news, often devoid of sufficient context, can significantly diminish the reliability of LLMs' sentiment analysis. To address these challenges, we introduce a retrieval-augmented LLMs framework for financial sentiment analysis. This framework includes an instruction-tuned LLMs module, which ensures LLMs behave as predictors of sentiment labels, and a retrieval-augmentation module which retrieves additional context from reliable external sources. Benchmarked against traditional models and LLMs like ChatGPT and LLaMA, our approach achieves 15\% to 48\% performance gain in accuracy and F1 score.

Forecasting is a critical task in decision-making across numerous domains. While historical numerical data provide a start, they fail to convey the complete context for reliable and accurate predictions. Human forecasters frequently rely on additional information, such as background knowledge and constraints, which can efficiently be communicated through natural language. However, in spite of recent progress with LLM-based forecasters, their ability to effectively integrate this textual information remains an open question. To address this, we introduce "Context is Key" (CiK), a time-series forecasting benchmark that pairs numerical data with diverse types of carefully crafted textual context, requiring models to integrate both modalities; crucially, every task in CiK requires understanding textual context to be solved successfully. We evaluate a range of approaches, including statistical models, time series foundation models, and LLM-based forecasters, and propose a simple yet effective LLM prompting method that outperforms all other tested methods on our benchmark. Our experiments highlight the importance of incorporating contextual information, demonstrate surprising performance when using LLM-based forecasting models, and also reveal some of their critical shortcomings. This benchmark aims to advance multimodal forecasting by promoting models that are both accurate and accessible to decision-makers with varied technical expertise. The benchmark can be visualized at https://servicenow.github.io/context-is-key-forecasting/v0/.

In this paper, we investigate the influence of claims in analyst reports and earnings calls on financial market returns, considering them as significant quarterly events for publicly traded companies. To facilitate a comprehensive analysis, we construct a new financial dataset for the claim detection task in the financial domain. We benchmark various language models on this dataset and propose a novel weak-supervision model that incorporates the knowledge of subject matter experts (SMEs) in the aggregation function, outperforming existing approaches. We also demonstrate the practical utility of our proposed model by constructing a novel measure of optimism. Here, we observe the dependence of earnings surprise and return on our optimism measure. Our dataset, models, and code are publicly (under CC BY 4.0 license) available on GitHub.

The development of annotated datasets over the 21st century has helped us truly realize the power of deep learning. Most of the datasets created for the named-entity-recognition (NER) task are not domain specific. Finance domain presents specific challenges to the NER task and a domain specific dataset would help push the boundaries of finance research. In our work, we develop the first high-quality NER dataset for the finance domain. To set the benchmark for the dataset, we develop and test a weak-supervision-based framework for the NER task. We extend the current weak-supervision framework to make it employable for span-level classification. Our weak-ner framework and the dataset are publicly available on GitHub and Hugging Face.

The development of state-of-the-art systems in different applied areas of machine learning (ML) is driven by benchmarks, which have shaped the paradigm of evaluating generalisation capabilities from multiple perspectives. Although the paradigm is shifting towards more fine-grained evaluation across diverse tasks, the delicate question of how to aggregate the performances has received particular interest in the community. In general, benchmarks follow the unspoken utilitarian principles, where the systems are ranked based on their mean average score over task-specific metrics. Such aggregation procedure has been viewed as a sub-optimal evaluation protocol, which may have created the illusion of progress. This paper proposes Vote'n'Rank, a framework for ranking systems in multi-task benchmarks under the principles of the social choice theory. We demonstrate that our approach can be efficiently utilised to draw new insights on benchmarking in several ML sub-fields and identify the best-performing systems in research and development case studies. The Vote'n'Rank's procedures are more robust than the mean average while being able to handle missing performance scores and determine conditions under which the system becomes the winner.