Can GPT models be financial analysts? ChatGPT, GPT-4 fail CFA exams in new study by JP Morgan, Queens University, and Virginia Tech

Researchers evaluated ChatGPT and GPT-4 on mock CFA exam questions to see if they could pass the real tests. The CFA exams rigorously test practical finance knowledge and are known for being quite difficult.

They tested the models in zero-shot, few-shot, and chain-of-thought prompting settings on mock Level I and Level II exams.

The key findings:

* GPT-4 consistently beat ChatGPT, but both models struggled way more on the more advanced Level II questions.
* Few-shot prompting helped ChatGPT slightly …

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