Is ChatGPT a Financial Expert? Evaluating Language Models on Financial Natural Language Processing

• URL: http://arxiv.org/abs/2310.12664v1
• Date: Thu, 19 Oct 2023 11:43:15 GMT
• Title: Is ChatGPT a Financial Expert? Evaluating Language Models on Financial Natural Language Processing
• Authors: Yue Guo, Zian Xu, Yi Yang
• Abstract summary: FinLMEval is a framework for Financial Language Model Evaluation. This study compares the performance of encoder-only language models and the decoder-only language models.
• Score: 22.754757518792395
• License: http://creativecommons.org/licenses/by/4.0/
• Abstract: The emergence of Large Language Models (LLMs), such as ChatGPT, has revolutionized general natural language preprocessing (NLP) tasks. However, their expertise in the financial domain lacks a comprehensive evaluation. To assess the ability of LLMs to solve financial NLP tasks, we present FinLMEval, a framework for Financial Language Model Evaluation, comprising nine datasets designed to evaluate the performance of language models. This study compares the performance of encoder-only language models and the decoder-only language models. Our findings reveal that while some decoder-only LLMs demonstrate notable performance across most financial tasks via zero-shot prompting, they generally lag behind the fine-tuned expert models, especially when dealing with proprietary datasets. We hope this study provides foundation evaluations for continuing efforts to build more advanced LLMs in the financial domain.

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