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May 24

Frequently Asked Questions in Quantitative Finance

Posted by Bill at 08:06 | Paper Review | Comments(0) | Reads(8842)
The following article is a review of the book, “Frequently Asked Questions in Quantitative Finance”, which is published by (Wiley Series in Financial Engineering) (Paperback), and written by Paul Wilmott.

This book is certainly not for the novice, who is new to the quantitative finance arena. It is for the professional that possesses exceptional mathematic skills, who really needs to understand everything there is about this industry at the highest possible level.

Frequently Asked Questions in Quantitative FinanceThe people that will find it most useful are individuals whose work is concentrated on fixed income or derivatives. Other people who certainly should read this book are the ones looking for the first job in this discipline, or professionals that are already in it, who want to refresh and enhance their knowledge.

It is written in an unusual format, because it first asks a question, and then answers the question, and this configuration is repeated throughout the book. The book provides both a long and short answer to each question. Following each answer to a question, the book also provides references for you to review further if you require more detail information about that particular topic.

The following are a few of the mathematical areas discussed in the book Ito's lemma, the Black-Scholes model, maximum likelihood estimation, and what are the Greeks?

If you are looking for information on prevalent probability distributions and how they are utilized in finance, you might just find the following sections of the book appealing, common contracts, ten different ways to derive Black-Scholes, and brainteasers.

The book is centered on 60 FAQs, which are exceptionally well thought out, and provide a great deal of insight that most specialists in this matter will find useful. It is very practical and relevant for what is presently taking place in the derivatives industry.

For those of you that are first starting out in this industry, it should not be the first book you read. Instead, you might want to initially look into "Stochastic Calculus for Finance II: Continuous-Time Models" or "Options, Futures, and Other Derivatives and DerivaGem CD Package" and come back to this book after you have completed them.

The book “Frequently Asked Questions in Quantitative Finance” is very highly regarded by virtually everybody that has had an opportunity to read it. Our review also rates it five stars out of five stars. We consider it a must read, and keep on the shelf for all professionals in this industry that want to be able to perform their jobs at the highest levels.

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