FinBoardBench: Benchmarking Dynamic Wealth Management and Strategic Financial Reasoning of LLMs via Board Game Simulations
Authors: Xuesi Hu, Peng Wang, Jinpeng Miao, Xilin Tao, Caiwei Li, Yue Ma, Jie He, Qiancheng Zhang, +2 more
Organizations: School of Computer Science and Engineering, Macau University of Science and Technology, Macau, China · School of Economics, Anhui University, Anhui, China · SKLPlanets, Macau University of Science and Technology, Macau, China · Department of Computer and Information Science, University of Macau, Macau, China · School of Energy and Power Engineering, Huazhong University of Science and Technology, Hubei, China
Abstract
Recently, large language models (LLMs) have achieved superior performance in static financial reasoning and simple dynamic trading tasks. However, existing static financial benchmarks are insufficient to assess the dynamic wealth management and financial decision-making capabilities of LLMs in real-world environments. To bridge this gap, we present FinBoardBench, an evaluation suite based on three classic financial board games: Cashflow, Acquire, and Monopoly. FinBoardBench assesses a comprehensive set of financial skills, including personal cash flow management with debt balancing, corporate investment and acquisition forecasting, and competitive trade negotiations with asset auctions. Our experiments with 9 advanced LLMs reveal that while exhibiting basic long-term planning and investment logic, they fail to effectively leverage complex interactions for profit, and their strong static reasoning performance does not transform into successful dynamic decision-making. Notably, they tend to prioritize immediate asset acquisition over maintaining sufficient liquidity, making them vulnerable to financial crises triggered by random events. We hope that FinBoardBench can provide a valuable reference for more intelligent LLM-based decision-making systems in the future.
Do Large Language Models (LLMs) possess genuine structural reasoning, or merely rely on surface-level pattern matching? The financial domain, demanding numerical precision and multi-step logic over long contexts, is an ideal testbed. Existing benchmarks fail to capture real-world industrial complexity, predominantly relying on multiple-choice questions or single-hop QA over cropped tables while ignoring intricate cross-statement dynamics and temporal de-cumulation. To bridge this gap, we introduce FinIndices, a large-scale benchmark evaluating data-processing fidelity over uncropped financial statements (up to 32K tokens). Utilizing an automated synthesis pipeline with adversarial traps, FinIndices encompasses Single-Index computation and Table-Index tabulation to test complex domain, temporal, and caliber reasoning. Our evaluation reveals two severe LLM vulnerabilities. First, a "Knowledge Bottleneck": despite memorizing formulas during pre-training, models demonstrate fragile pattern matching. Removing explicit formula hints causes performance to collapse (e.g., Gemini-3.1-Pro drops from 70.70% to 38.22% on table tasks), exposing fatal flaws in temporal de-cumulation and stock-flow caliber mismatch. Second, a "Structural Bottleneck": the intense cognitive load of generating multi-metric, multi-period tables actively drains reasoning capacity. Under structural pressure, LLMs that flawlessly execute isolated derivations regress to shallow heuristics, such as fetching incorrect adjacent columns or substituting deep accounting adjustments with lazy literal arithmetic. Finally, Supervised Fine-Tuning (SFT) yields substantial zero-hint gains (+8.54% Single, +3.82% Table), validating that structured logic can be partially restored via data-centric alignment.
Large language models (LLMs) are increasingly being applied to financial analysis, reporting, investment decision support, risk management, compliance, and professional training. However, robust evaluation of their domain competence in finance remains incomplete. Widely used open benchmarks such as FinQA, ConvFinQA, and TAT-QA have played an important role in advancing financial question answering and numerical reasoning, but they focus primarily on question answering over financial reports and do not provide an explicit hierarchy of professional difficulty. Broader resources, including FinanceBench, PIXIU, FinBen, and FLaME, expand the coverage of financial tasks, yet the problem of evaluating the transition from foundational knowledge to expert-level financial reasoning remains open. In this work, we present FINESSE-Bench, a suite of eight specialized benchmarks comprising 3,993 questions for hierarchical evaluation of financial competencies in LLMs. FINESSE-Bench combines exam-oriented datasets inspired by professional certifications (CFA-like Levels 1-3, CMT-like Level 2, and CFTe-like Level 1), applied trading task collections, and a Russian-language olympiad benchmark. This design enables evaluation of domain breadth, performance degradation as difficulty increases, the ability to solve computational tasks, and model behavior in specialized financial domains. We also describe a unified evaluation protocol covering multiple-choice questions, numerical answers, and short open-ended responses, together with an automated scoring scheme for freeform answers based on the LLM-as-judge paradigm. FINESSE-Bench is intended both as a complement to existing open financial benchmarks and as a tool for more substantive evaluation of professionally relevant financial competencies in large language models.
Large language models are becoming increasingly significant in financial applications. Nevertheless, prevailing benchmarks are largely dependent on simulated or generic data, which leads to a significant gap between reported performance and actual efficacy in real-world scenarios. To tackle this challenge, we present BizFinBench.v2, the first integrated offline and online benchmark built upon authentic user query-response data from both Chinese and U.S. equity markets. It comprises 28,860 questions across eight offline and two online tasks. Experimental results show that GPT-5 achieves a mere 61.5% accuracy, still failing to meet the practical business requirement (84.8%). Among the evaluated commercial models, DeepSeek-R1 exhibits superior investment efficacy. Error analysis grounded in real financial practice reveals persistent limitations in existing models. By overcoming the constraints of prior benchmarks, BizFinBench.v2 provides a substantiated foundation for advancing LLM deployment in the financial sector. Our data and code are available at https://github.com/HiThink-Research/BizFinBench.v2.