In welchen Wirtschafts-Jobs kannst du Millionär werden? (2023)

David Döbele

15 Jun 202314:08

Summary

TLDRIn this video, David Döbel, co-founder of career coaching platform Pumpkin Careers, discusses high-paying economic jobs that can lead to becoming a millionaire. He emphasizes the importance of job satisfaction beyond just high salaries and outlines top careers such as investment banking, private equity, management consulting, and starting or joining a successful startup. David also highlights the potential for high earnings in sales and asset management, while stressing the need for hard work, talent, and a bit of luck to excel in these competitive fields.

Takeaways

😀 The video discusses high-earning potential jobs in the economy, emphasizing that money alone does not bring happiness and should not be the sole factor in choosing a job.
💼 The founder of Pumpkin Careers, David Döbel, highlights that certain jobs offer high salary potential but also require personal satisfaction and alignment with one's lifestyle.
💡 It's important to understand that high-paying jobs often involve solving significant problems for businesses or clients, which provide economic advantages.
🏦 Investment banking is presented as a job where one can earn a lot, especially in M&A, with starting salaries around €100,000 and potential for significant bonuses.
📈 Private Equity is another high-earning field, where investing in non-public companies can lead to high returns and substantial salaries, especially in venture capital.
🔑 A key principle for high earnings is performance-based compensation, where one's salary is directly linked to their individual achievements and contributions.
👔 Corporate consulting can also lead to high earnings, especially after 8-10 years of experience when one might become a partner at a top strategic consulting firm.
🚀 Starting a business or being an early employee in a successful startup can lead to wealth accumulation, as exemplified by early Facebook employees.
🎯 Sales roles, particularly in finance or tech, can offer high earnings for those who excel, with the potential to earn in the hundreds of thousands of euros annually.
💰 Asset Management, especially in portfolio management, can be lucrative if one contributes significantly to the performance of asset funds.
🌟 The video concludes by promoting Pumpkin Careers' coaching program, which aims to help students optimize their academic and professional paths to achieve their career goals.

Q & A

Who is David Döbel and what is his profession?
-David Döbel is one of the founders of Pumpkin Careers, a career coaching platform that supports students in securing top jobs in the economy after their studies.
What is the primary goal of Pumpkin Careers?
-The primary goal of Pumpkin Careers is to assist students in finding their way into top jobs in the economy, such as in large banks, consulting firms, corporations, and startups.
Why is it important to understand that money alone does not bring happiness according to David?
-David emphasizes that while financial goals are understandable, one should not choose a job solely based on the amount of money it offers. It's important to also enjoy the work content and find personal fulfillment.
What are the two main principles David mentions for earning high income in a job?
-The two main principles are: 1) solving a problem that has economic value for the company or customer, and 2) having a high performance-related bonus component, where the salary is linked to individual performance.
What is Investment Banking and why is it a high-paying job?
-Investment Banking involves advising large corporations on mergers and acquisitions, which is of great importance to the company's top management and can significantly influence the company's value. High fees are paid for this service, making it a high-paying job.
What is the starting salary range for someone entering Investment Banking after completing a Bachelor's or Master's degree?
-The starting salary range is approximately €100,000, including a base salary and a bonus component.
What is Private Equity and how does it differ from Investment Banking?
-Private Equity involves investing in non-publicly traded companies, often with the aim of improving management, strategy, and creating synergies within a corporate group before selling the company for a profit. It differs from Investment Banking in that it involves owning and actively managing investments rather than advising on transactions.
What is the potential annual complete compensation one could earn in Venture Capital, a subset of Private Equity?
-In Venture Capital, one could potentially earn several million euros per year, with the possibility of reaching into the eight-figure range if the funds perform exceptionally well.
What are some of the benefits of working in Management Consulting, as mentioned by David?
-In Management Consulting, although the starting salary may not be as high as in Investment Banking, the lifestyle can be beneficial with lower living costs, such as staying in nice hotels during the week and having meals paid for.
What is the potential for high earnings in Asset Management and what is required to achieve it?
-In Asset Management, contributing to the good performance of asset funds can lead to very attractive earnings. However, this often requires working in major financial centers like London or the USA.
What is the role of sales in potentially earning high income and what are the requirements?
-Sales can offer high earnings, especially in the financial sector, for those who can sell high-value products or services. It often requires a strong educational background, good performance, and the ability to negotiate high commissions.
What advice does David give for students aiming to get into high-demand jobs in the economy?
-David advises students to optimize their academic performance, gain relevant internships, build a professional network, and consider professional coaching to navigate the competitive job market effectively.

Outlines

00:00

💼 Choosing a High-Earning Career in Business

In this video, David Döbel, a co-founder of Pumpkin Careers, discusses the top jobs in the business world that offer the highest earning potential. While highlighting the importance of financial goals, he stresses that money alone doesn't bring happiness and advises against choosing a career solely for its financial rewards. He emphasizes the importance of finding a job that is both financially rewarding and enjoyable, considering individual lifestyle choices and the ability to manage money wisely.

05:03

📈 Investment Banking: A Path to Financial Success

David explains the high earning potential in investment banking, particularly in the area of mergers and acquisitions (M&A). He describes how investment bankers help large corporations with important financial decisions, such as acquiring or merging with other companies, which significantly impacts the value of the business. Due to the critical nature of this work, investment bankers can command high fees and bonuses. Entry-level salaries in investment banking can start around €100,000, with the potential to earn €300,000 to €500,000 or more annually with experience.

10:05

💸 Private Equity and Consulting: Lucrative Career Options

This section delves into the lucrative opportunities in private equity, where professionals invest in privately-held companies and work to enhance their value before selling them for profit. David shares examples of individuals earning millions in this field, particularly when their investments perform well. He also touches on management consulting, where salaries start lower than in investment banking but can reach similar high levels as consultants climb the ranks, especially in top strategy firms.

🚀 Startups, Sales, and Asset Management: Alternative Routes to Wealth

David explores alternative paths to becoming a millionaire, including working in or founding a startup, where early employees or successful founders can amass significant wealth through equity stakes. He also discusses high-paying sales roles in tech and finance, where top performers can earn substantial commissions. Finally, he mentions asset management, particularly in hedge funds, where successful portfolio managers can achieve impressive salaries, though this path often requires moving to financial hubs like London or New York.

🎓 Breaking into Top Business Careers: The Importance of Preparation

David concludes by emphasizing the competitive nature of high-paying business careers and the importance of thorough preparation during one's studies. He advises students to excel in academics, gain relevant internships, build a strong network, and seek additional opportunities like scholarships. He introduces Pumpkin Careers' coaching program, which provides tailored guidance to help students navigate the challenging recruitment processes of top firms. He encourages interested viewers to visit the Pumpkin Careers website for more information.

Mindmap

Keywords

💡Investment Banking

Investment Banking refers to a division of a bank that helps its clients in activities like raising capital by issuing securities, mergers and acquisitions, and providing financial advisory services. In the video, it is mentioned as one of the top jobs in the economy where one can earn high salaries, with entry-level positions offering around 100,000 € and the potential for significant bonuses tied to performance.

💡Mergers and Acquisitions (M&A)

Mergers and Acquisitions (M&A) are processes where companies combine or one company buys another. The script discusses M&A as a significant part of investment banking, where advisors assist large corporations in buying, selling, or combining with other companies, which is crucial for the company's value and thus commands high fees.

💡Private Equity

Private Equity involves investment in non-publicly traded companies, often with the aim of improving their financial performance and then selling them for a profit. The video mentions private equity as a field where one can earn substantial income, especially in roles such as venture capital where investments are made in startups.

💡Performance-based Salary

A performance-based salary is a compensation structure where an employee's pay is linked to their individual performance or the performance of the company. The script highlights that many high-paying jobs in the economy, such as in investment banking and private equity, include a significant bonus component that is tied to performance.

💡Corporate Consulting

Corporate Consulting involves providing professional services to businesses to help solve problems and improve efficiency. In the video, it is noted that while initial salaries in corporate consulting may not be as high as in investment banking, the potential for high earnings increases significantly with experience, especially when reaching partner level.

💡Startup

A startup is a young company that is typically seeking long-term growth and is often involved in developing new technologies or business models. The script discusses the potential for becoming a millionaire by either founding a startup or joining one early on, with the caveat that this path involves higher risk and uncertainty.

💡Asset Management

Asset Management refers to the professional management of various types of assets, such as securities, real estate, or commodities, on behalf of clients. The video mentions asset management as a field where one can earn high salaries, particularly if one contributes significantly to the performance of the managed assets.

💡Sales

Sales involves the process of selling products or services to customers. The script highlights sales as a field where one can earn high incomes, especially in high-value transactions, such as selling multimillion-dollar solutions, and receiving a significant commission.

💡Financial Freedom

Financial freedom is the state of having enough wealth and income to cover all of one's needs without having to work actively for a living. The video mentions financial freedom as a common goal for individuals seeking high-paying jobs, emphasizing that while money is important, it should not be the sole motivation for career choices.

💡Pumpkin Careers

Pumpkin Careers is mentioned in the script as a career coaching service that supports students in finding top jobs in the economy after their studies. It offers coaching programs and resources to help students optimize their academic performance, secure internships, and build a relevant network.

💡Earnings Potential

Earnings potential refers to the possible income one can expect to make in a particular job or career. The video discusses various jobs in the economy with high earnings potential, such as investment banking and private equity, and provides examples of the salaries and bonuses that can be earned in these roles.

Highlights

Introduction to the video by David Döbel, one of the founders of Pumpkin Careers.

Pumpkin Careers supports students in securing top jobs in the economy after graduation.

Emphasis on not choosing a job solely for the money but also for job satisfaction.

The importance of financial goals and the rationale behind wanting to be financially free.

Discussion on how lifestyle choices can impact the value of one's earnings.

Principle that high-paying jobs often involve solving problems that create economic value.

The correlation between performance and salary, particularly in high-paying jobs.

Investment banking as a high-earning job, especially in M&A, with significant company impact.

Salary ranges and bonus structures in investment banking, including entry-level earnings.

The potential for high earnings in private equity, including classic private equity and venture capital.

Example of high-earning potential in venture capital, as illustrated by a podcast guest's experience.

Consulting as a field with lower initial earnings but high potential for partners at top firms.

The benefits of a consulting career, including lower living costs and potential for significant savings.

The potential of startups for wealth accumulation, especially for early employees and founders.

Risks and rewards of working in or founding a startup, including the potential for high earnings versus failure.

Sales as a field with high earning potential, especially for those with strong performance and commissions.

Asset management as a high-earning field, particularly for those contributing to successful fund performance.

The challenges of entering top firms with high hiring standards, such as Goldman Sachs.

Pumpkin Careers' coaching program aimed at optimizing students' potential for top jobs.

Information on how to get in touch with Pumpkin Careers for coaching and support.