Can GPT models be Financial Analysts? An Evaluation of ChatGPT and GPT-4 on mock CFA Exams

Large Language Models (LLMs) have demonstrated remarkable performance on a wide range of Natural Language Processing (NLP) tasks, often matching or even beating state-of-the-art task-specific models. This study aims at assessing the financial reasoning capabilities of LLMs. We leverage mock exam questions of the Chartered Financial Analyst (CFA) Program to conduct a comprehensive evaluation of ChatGPT and GPT-4 in financial analysis, considering Zero-Shot (ZS), Chain-of-Thought (CoT), and Few-Shot (FS) scenarios. We present an in-depth analysis of the models' performance and limitations, and estimate whether they would have a chance at passing the CFA exams. Finally, we outline insights into potential strategies and improvements to enhance the applicability of LLMs in finance. In this perspective, we hope this work paves the way for future studies to continue enhancing LLMs for financial reasoning through rigorous evaluation.

MACQ: A Holistic View of Model Acquisition Techniques

For over three decades, the planning community has explored countless methods for data-driven model acquisition. These range in sophistication (e.g., simple set operations to full-blown reformulations), methodology (e.g., logic-based vs. planing-based), and assumptions (e.g., fully vs. partially observable). With no fewer than 43 publications in the space, it can be overwhelming to understand what approach could or should be applied in a new setting. We present a holistic characterization of the action model acquisition space and further introduce a unifying framework for automated action model acquisition. We have re-implemented some of the landmark approaches in the area, and our characterization of all the techniques offers deep insight into the research opportunities that remain; i.e., those settings where no technique is capable of solving.