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Options, Futures and Other Derivatives (6th Edition)
by John C. Hull
from Prentice Hall
Customer Reviews:
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Avg. Customer Rating: 4.5 / 5.0 
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Great intro 
I started not knowing a "put" from a "call," but I needed to know a fair bit about how financial engineers (coming from a family of PEs, I'm still not used to that term) use math. This has been the introduction I wanted - not the advanced stuff, but enough to help me understand that material.
Methodical pacing leads the reader gradually through the basics, from just what a derivative is on through the brief story of how futures markets work - in short, they abstract buying and selling into buying and... more info
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Excellent book for beginners in financial engineering
I started a course in Financial Engineering last year and this book has given me all the grounding I need.
Pros:
* Very in-depth treatment of derivative basics, e.g. call, puts, swaps, forwards, futures.
* Many, many examples to complement the material.
* Many good practice problems to help further your understanding.
* Covers binomial, Monte Carlo and Black Scholes pricing of options very well
* Industry standard textbook - all the professionals use it.
I can't think... more info
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Not (quite) a place to start 
If you are a total beginner, like I was 6 months ago, then you might want to tear your hair out when reading this book. I found the description of interest rates quite confusing. I would suggest you start with The Wall Street Journal Complete Money and Investing Guidebook (The Wall Street Journal Guidebooks) and then move to All About Derivatives (All About) and Investment Science. From then on it's quite a good book, but the mathematics is very cavalier (and would you trust someone who tells you that Pi is... more info
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The best!
The best introductory/intermediate textbook for students of finance. Not overwhelming to read, but, of course, you still need to know some math.
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