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Options, Futures, and Other Derivatives and DerivaGem CD Package (8th Edition) 8th Edition
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Top Customer Reviews
Let's assume you want to become a quantitative analyst or a risk manager switching from another, preferably quantitative, field. Then in order to get a job you need to have the following:
1. Knowledge of derivatives and markets;
2. Knowledge of statistical methods and data analysis with applications in finance;
3. Computational methods supported by software such as C++ and R to be able to apply theoretical knowledge obtained in 1 and 2;
4. Proof that you have decent understanding of finance through obtaining a designation such as PRM (Since, under our assumption, you enter finance from a different field, you don't have work experience. That is why PRM will be the most suitable for you as you will just need to be well prepared academically to pass the exams and get the designation).
The book under review will be absolutely essential for you for clearing steps 1 and 4. It has been written with the care for the reader in mind.
Hull, in contrast to many other authors, does not try to show off his intellectual superiority by using complicated and abstract language which would normally be designed to make the reader feel miserable. In contrast, he wants the reader to become knowledgeable by carefully guiding him through complicated topics with numerous examples and explanations. The friendliness of exposition does not mean that the rigor is lost though; the book is written with the perfect rigor, but it is achieved without making it too dry and abstract. The scope of coverage is amazing: all major aspects of derivatives and markets connected with them have been covered.Read more ›
It must be noted however that it is best for a reader who is already familiar with the subject and has some intuition about the topic (whatever it is, interest rate futures or credit derivatives). The author quite often does not make a clear distinction between the idea and formal explanation, goes into the details and formulas which may be hard to digest for first-time readers.
For example, Hull likes and uses the idea of selecting a measure (e.g. forward risk neutral) to simplify the model. Though it makes the formal proof shorter, for people like me it complicates the process of getting the whole picture. Maybe it's just me, but I find Paul Wilmott's approach more natural and easy to follow, while Hull's method is a good alternative view. Oftentimes the short summary after the chapter turned out to be the most useful and valuable, because it expressed the underlying idea explicitly, instead of forcing to guess the logic from the tons of details. Some chapters were quite easy for me to read probably because I had some background from other sources, which also supports my guess.
The book is finally error-free, though I think I still saw some errata (e.g. p.685), but anyway is much more thoroughly verified than most of financial books I've seen.
So go ahead and read it, but be ready to consult with other sources (Wilmott would be my recommendation) when you feel you miss the picture.
Most Recent Customer Reviews
Great Book, needed it for school and best price that i could find and it was in great condition.Published 2 months ago by Lenore Maurer
Very well written. Not a easy read if you do not know about options. But covers the concepts very well , and not just on surface,. Read morePublished 2 months ago by abhi
This is the Indian Subcontinent Edition not the US Edition. Note addition of Author Sankarshan Basu. Most importantly many of the examples are in rupees not dollarsPublished 3 months ago by KC Nettles
Great introduction for financial derivatives that goes into great detail of implementation of most modern derivatives on the market today.Published 15 months ago by Don Quixote
Great textbook and has always been such. This is a second year I teach an advanced quantitative risk management course (grad and undergrad combined) based on this text (statistics... Read morePublished 16 months ago by Oleg Melnikov
This book is just OK. I bought it for a financial mathematics class but I have "lower level" texts that cover all of the topics in the same detail and more intuitively.Published 20 months ago by jacob headlee
Its a great book! It will explain you everithing with apples.Published 22 months ago by Eduardo Rodríguez