FinMTEB: Finance Massive Text Embedding Benchmark

The efficacy of text embedding models in representing and retrieving information is crucial for many NLP applications, with performance significantly advanced by Large Language Models (LLMs). Despite this progress, existing benchmarks predominantly use generalpurpose datasets, inadequately addressing the nuanced requirements of specialized domains like finance. To bridge this gap, we introduce the Finance Massive Text Embedding Benchmark (FinMTEB), a comprehensive evaluation suite specifically designed for the financial domain. FinMTEB encompasses 64 datasets across 7 task types, including classification, clustering, retrieval, pair classification, reranking, summarization, and semantic textual similarity (STS) in English and Chinese. Alongside this benchmark, we introduce Fin-E5, a state-of-the-art finance-adapted embedding model, ranking first on FinMTEB. Fin-E5 is developed by fine-tuning e5-Mistral-7B-Instruct on a novel persona-based synthetic dataset tailored for diverse financial embedding tasks. Evaluating 15 prominent embedding models on FinMTEB, we derive three key findings: (1) domain-specific models, including our Fin-E5, significantly outperform general-purpose models; (2) performance on general benchmarks is a poor predictor of success on financial tasks; and (3) surprisingly, traditional Bag-of-Words (BoW) models surpass dense embedding models on financial STS tasks. This work provides a robust benchmark for financial NLP and offers actionable insights for developing future domain-adapted embedding solutions. Both FinMTEB and Fin-E5 will be open-sourced for the research community. 1