Researchers from JPMorgan Chase & Co. conducted an experiment using OpenAI’s GPT-4 model to determine if it could pass the CFA exam. They found that ChatGPT would likely not be able to pass the CFA Levels I and II, while GPT-4 had a decent chance with appropriate prompting. Both models faced challenges with Level II. ChatGPT made knowledge-based mistakes, while GPT-4 had calculation and reasoning errors. This study follows a previous one that highlighted ChatGPT’s limitations in accounting exams.
Research Shows GPT-4’s Potential in Passing CFA Exam
A recent analysis conducted by JPMorgan Chase & Co. researchers compared OpenAI’s GPT-4 model and ChatGPT’s ability to pass the chartered financial analyst (CFA) exam. While ChatGPT fell short, GPT-4 showed promise.
The researchers found that ChatGPT would likely not be able to pass the CFA Level I and II exams under all tested settings. However, GPT-4 had a decent chance of passing these levels if prompted appropriately.
The CFA Institute has been integrating AI and big data analysis into its exams since 2017. Chris Wiese, the CFA Institute’s education managing director, acknowledged that large-language models like GPT-4 can answer certain exam questions correctly. However, becoming CFA-certified also requires practical experience, references, ethical standards, and soon, practical skills modules.
The study revealed that both AI models faced challenges with Level II of the CFA exam. However, they showed proficiency in areas such as derivatives, alternative investments, corporate issues, equity investments, and ethics in Level I. Their performance was less impressive in financial reporting and portfolio management.
ChatGPT struggled with alternative investments and fixed income in Level II, while GPT-4 found difficulty with portfolio management and economics.
It’s important to note that ChatGPT’s mistakes were primarily knowledge-based, while GPT-4 made calculation and reasoning errors, sometimes leading to incorrect conclusions due to flawed logic.
If you’re looking to evolve your company with AI and stay competitive, consider the insights from this research. To leverage AI effectively, follow these practical steps:
1. Identify Automation Opportunities:
Locate key customer interaction points that can benefit from AI.
2. Define KPIs:
Ensure your AI endeavors have measurable impacts on business outcomes.
3. Select an AI Solution:
Choose tools that align with your needs and provide customization.
4. Implement Gradually:
Start with a pilot, gather data, and expand AI usage judiciously.
For AI KPI management advice and continuous insights into leveraging AI, connect with us at hello@itinai.com. You can also stay tuned on our Telegram channel t.me/itinainews or follow us on Twitter @itinaicom.
Spotlight on a Practical AI Solution: AI Sales Bot
Consider using the AI Sales Bot from itinai.com/aisalesbot to automate customer engagement 24/7 and manage interactions across all customer journey stages.
Discover how AI can redefine your sales processes and customer engagement. Explore solutions at itinai.com.
