Investor's Last Exam Benchmark: Top AI Models Ace Research but Fail at Investment Judgment

Huangfei Jiang · hf · 2026-10-30

ProphetLab, SJTU and buy-side practitioners introduce Investor's Last Exam (ILE), an equity-research benchmark for financial agents built on a strictly frozen information set. It bundles a versioned financial database spanning 3.43 million document versions across nine source categories with validated timestamps, a task taxonomy organized around professional analyst deliverables, and an expert-led scoring framework. Early results show top models excel at research execution but fail at forecasting and investment judgments.

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