How do you earn a six-figure salary

How to reach a salary of 100,000 euros?

How to reach a salary of 100,000 euros?

Hello,

I am 24 and have recently become a management trainee in a foreign, global financial group. The trainee program is a mix between general management and management in an IT environment. In addition to a German BSc between economics and IT, I also obtained a master's degree in other European countries. Both universities were prestigious. Before that, internship at a leading global investment bank and Big4 in Germany.

I would like to make significant progress in my career. What would you advise me to get through the 100,000 euro salary barrier as quickly as possible? I am particularly interested in special training programs such as the CFA or MBA at one of the top universities worldwide. I haven't been able to save money so far, but plan to save several hundred euros a month just for the MBA.

Quite apart from the fact that many find the 100,000 euros very unrealistic, I ask you for advice on how I can best achieve my goal! Of course, quite apart from the excellent work that I do in the office every day ... I especially ask you about part-time training.

  • Does a CFA make sense? how difficult is it for me, since I didn't study finance? Does it pay off in the end?
  • How realistic is an MBA at one of the world's top universities? What is an approval primarily dependent on?
  • Should I choose a specialized or broad route in the trainee program?
  • Should I try to mature into the project management direction or the role of a business analyst / consultant?

I look forward to your answers!

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Re: How to get a 100,000 euro salary?

So that smells like troll ...

however ... putting aside several hundred per month for a first-class MBA should be a small start at best. FT-MBA at a very good business school is 50,000 EUR + cost of living ... you can work out how many months you need.

You don't seem to be in the trading areas of this financial corporation, but in support or back office areas. And it takes a lot longer to get into these salary regions.
With project management you will definitely not get there in the next 5 - 7 years.
Consultant could work faster, but it will take a few years.

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Re: How to get a 100,000 euro salary?

MBA is a joke. It was created to convey business administration knowledge to engineers and other non-economists in a condensed and practical form. Although there are now also MBAs for business graduates, the claim (especially the scientific one) is zero there.

I can't say anything about the CFA, in the WP area a CPA is of course worth cash. How about you cognitively? Are you intellectually capable of doing a doctorate? With a Dr. you can also make salary jumps. And if that doesn't work with a real doctorate, go to a private university like WHU as an external student and do a kindergarten doctorate, but that costs something again.

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Re: How to get a 100,000 euro salary?

Request a raise ...

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Re: How to get a 100,000 euro salary?

Quote:

"I'm 24..."

"What would you advise me to get through the 100,000 euro salary barrier as quickly as possible?"

Wait till you get older

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Re: How to get a 100,000 euro salary?

Part-time doctorate + CFA would be a cheap option. The Dr. A title always brings you something for your career, I think - especially in Germany. I would only do a top MBA in your position if you intend to start on Wall Street in the USA and then really rake in ashes there. In Germany it won't do that much.

CFA Level I should include 4-6 weeks of full-time learning. Even without great previous knowledge of finance.
Admission to the Top MBA depends largely on your GMAT score (it should be 700+) + relevant work experience
More like consulting if you are concerned about money.

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Re: How to get a 100,000 euro salary?

CFA, MBA and then hired as an associate at an investment bank, et voilà you are over 100,000 EUR.

Or stayed with the Big4 from the start and after about 7 years as a manager (manager from 5-6 years, with 7 years just before senior manager) you are also at 100,000 EUR.

Or after the MBA to McK and Co. and there it is afaik almost exactly 100,000 EUR for PhD / MBA graduates with professional experience.

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Re: How to get a 100,000 euro salary?

I have no idea about finance and can't tell you anything about the financial statements. From my own experience in a large company, however, I can tell you that huge salary jumps are only possible when you can switch between companies and do it at the right time. An employee who is always loyal to his employer will receive one or the other commendation, but will never make large salary jumps.

I would therefore advise you to develop your skills in such a way that you are also attractive to other employers and move from company A to company B at the right moment and negotiate salary increases. 20-35% should be possible with a change.

I think 100KEUR is quite realistic if the goal of the highest possible salary is really pursued with vigor. If you consistently think of $$$ for every professional decision (and not about leisure, comfort, friends, location factors, the nice weather, your own pride, etc.), then you can even achieve significantly more than 100K.

But I can assure you of one thing now: Salary increases are always associated with risk. Going on paths that others don't. Recognize trends earlier than others. Add another 10% performance when others are already satisfied. All things easier said than done!

I wish you success.

P.S .: If you are then at a 70-80h week and your 100K salary, you will meet a doctorate engineer while grilling, who only works 35h, but gets 99.5K salary. Will you still be happy then?

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Re: How to get a 100,000 euro salary?

I did an internship in a German industrial group. In my department there were actually only high potentials who, at 30-35 years of age, had almost earned these 100,000. Partly with management consulting experience in advance, partly without ...

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Re: How to get a 100,000 euro salary?

Why should that be unrealistic? I would advise you to take a gear out of the way. You have 43 years for your career. Get started before you make unimportant decisions. Why don't you just focus your energy on the job?

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Re: How to get a 100,000 euro salary?

That is difficult to say. Some time ago I had discussed the topic or a similar one with friends. Pretty much everything is represented: CFA, MBA, various trainee histories. The fact is that nobody was among them or I don't know anyone who already had 100,000 euros in the area you mentioned with 24/25 - very few make it with 30/35. Perhaps there was an exception - an investment banker friend of mine: at 23 almost 100,000 euros, at 24 because of massive burnout in the hospital - until today (for 3 years) completely unable to work.

However, if you don't let this dissuade you, then there is only one thing that will bring you to your goal: Vitamin B (relationships). I wouldn't rely on a CFA or an MBA.

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Re: How to get a 100,000 euro salary?

To sacrifice so much life and energy, maybe one day to get 100k? Let me give you a tip: I know a young master craftsman with a thriving tile company. He's currently driving a new M3 convertible and is on vacation in Marbella and Miami. And for that he doesn't have to hump at any superiors & Co.

Note: As an employee, you basically only get the crumbs off. This is inherent in the system. Start your own business if you want to turn the big wheel.

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Re: How to get a 100,000 euro salary?

In my opinion, the academic degree is not directly related to the salary. Otherwise all professors would have to be billionaires and all secondary school students poor.

For a management position (to get to 100k), a doctorate in particular does no harm. An MBA is rather rare here and certainly rarely a decision criterion.

If you really care about the cash, why not advance your career without earning one degree after another. That brings more financially. I have a diploma, that's enough. Nobody has asked for more ...

In project management / as a project manager, 100k is rarely found. You would have to be at least a program manager.

From a probability perspective, it is probably best possible to get into this salary resion in counseling. A good consulting area, good customers, two clever changes within the industry, then after 8 to 9 years you should actually be a Senior Manager / Director; then there is also a six-figure income.

I wish you success!

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Re: How to get a 100,000 euro salary?

Have several colleagues who easily earn over 100! without studies mba etc!

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Re: How to get a 100,000 euro salary?

Thanks for all the answers that were initially meant!

Of course, I know that as a youngster I cannot immediately advance into these salary categories. Of course, the most important thing is my performance on the job. Clearly! I also maintain relationships, within the company, with my previous employers and industry-known experts whom I have met at various conferences.

It's just about making the right strategic decisions. A doctor is a bit too expensive for me, I think, even if I would be qualified for it.

I trust my analytical and quantitative skills to master the CFA and GMAT (with regard to top MBA schools). Of course, intensive preparation is required.

I am also not averse to the option of changing employers at the right time, but I would like to end my trainee program first.

In order to be of interest to many companies on the job market, I am considering the CFA and MBA. Perhaps not as well known or respected in Germany, but Germany is not the only interesting country for me to live and work in.

I would be very pleased about further evaluations!

Thank you very much

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Re: How to get a 100,000 euro salary?

self-employment is certainly a possibility, but it is also associated with a high risk - but if you don't dare, you won't gain anything ...

I don't know my way around consulting, but at least with the big strategists there should be a possibility, a lot of work and travel incl. - but that should be the case with most 100k jobs ...

As an employee, the point is that your work does not directly generate sales (you construct something that is sold millions of times, your salary can then play a subordinate role), or if it does, at a high price (daily rate 3k in consulting - no idea whether that is realistic).

then there are usually three career paths as an employee: specialist, management, project career.

Specialist careers should, if at all, only lead to six-digit numbers in large corporations.

in project management it should also take a large project to reach 100k. but if you really offer your employer a tremendous amount of added value, why not.

Finally, the management career. Here, 100k can be realistic after a certain step.

In summary: you have to be good, then you can go up and increase your salary accordingly, regardless of the path - I also think that you need a certain faible for your own work in order to kneel in enough.

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Re: How to get a 100,000 euro salary?

Actually, it is enough to become a manager in a consultancy. After 2 to 3 years @ Level (i.e. approx. 7 years after starting) there are 100,000 in it. You don't need an MBA or CFA for this.

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Re: How to get a 100,000 euro salary?

You always get the highest salary where you contribute the least to the real value creation process and generate the least social benefit. Apart from Hartz IV.

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Re: How to get a 100,000 euro salary?

It took me 5 years to get the 100k.
Facts, fresh 30, WP and now in general management in the industry.

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Re: How to get a 100,000 euro salary?

Whoever only works for others will never get rich!

Only as a self-employed person do you have all the options (including tax), not to mention the higher level of job satisfaction. You have to really hang in there either way. the best places at the manger are not given away.

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Re: How to get a 100,000 euro salary?

I know someone who, as an employee, has increased his income from 45k to 600k including bonus in 7 years. There is something like that and 100k are already in it.

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Re: How to get a 100,000 euro salary?

"Wait until you get older."

This is mostly written by those who have waited 20 years (and got nothing) themselves and would not bear it in life that others get such high salaries after 5 years.

"... make the right strategic decisions ..."

No advice can be given to you. Salary increases can rarely be strategically "planned". Those strategies that are known are also used by others (advice, I-banking, self-employment, etc.). The labor markets in these areas are highly competitive! And the companies also notice this and do not voluntarily pay top wages. Why also? There are enough people who want to do the job.

If you want to earn a lot of money, you have to take a tactical (!) Approach. When good job options come up, they are mostly unplanned and unpredictable. It’s time to strike. If you hesitate too long, the option is gone again.

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Re: How to get a 100,000 euro salary?

But now there are employment contracts and you cannot tactically take a quick look at them overnight

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Re: How to get a 100,000 euro salary?

"" Wait until you get older. "

This is usually written by those who have waited for 20 years (and got nothing) themselves and would not bear it in life that others get such high salaries after 5 years. "

Then I would have been waiting since I was 3 - I am 23 years old, so unfortunately your hypothesis does not apply. And it's a fact that you earn more money with increasing age - exceptions prove the rule.

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Re: How to get a 100,000 euro salary?

Sales and key accounting could also be a possibility.

I know of freelance direct sellers who come to more than 1/4 million euros - but up there the air is then very thin, probably only very few reach ...

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Re: How to get a 100,000 euro salary?

At 24? Should i laugh or what?
First wait until you crack 30 and bring the company a few thousand in sales by then! An MBA is not in demand here either. Even with an MBA, you can still earn between 80 to 90 thousand after 5 years of experience. Unless you have vitamin B and get a position with an investment bank in trading and make the deal of "your life".

So if you want to get a lot of money as quickly as possible, start as a trainee at ALDI or LIDL. if you increase sales there and do not knock yourself over 60 to 70 hours a week, then as a division manager (after 4 to 6 years if you are good) you can already be at more than 120 thousand.
And as I said: you only pay what you bring to the company. you don't need an MBA or a PhD.

Lounge guest wrote:

Hello,

I'm 24 and recently became a management trainee in
a foreign global financial group. The
The trainee program is a mix between general management
and management in an IT environment. In addition to a German BSc
between business and IT, I have a master’s degree
Acquired in other European countries. Both universities were
prestigious. Internships before that in a worldwide
leading investment bank and Big4 in Germany.

I would like to make significant progress in my career.
What would you advise me to do as soon as possible
Breaking the 100,000 euro salary hurdle? I
I am particularly interested in special
Further education programs such as the CFA or MBA at one
of the top universities worldwide. I haven't been able to save money so far,
but plan to spend several hundred euros per month just for the MBA
save up.

Quite apart from the fact that a lot of the 100,000 euros probably very much
find unrealistic, I'll ask you for advice, like mine
Goal can best achieve! Not to mention, of course
excellent work that I do in the office every day ...
I especially ask you about part-time training.

  • Does a CFA make sense? how hard is it for me since I
    didn't study finance? Does it pay off in the end?
  • How realistic is an MBA at one of the world's top
    Universities? What is an approval primarily dependent on?
  • Should I be more of a specialized or broad route im
    Choose a trainee program?
  • Should I try more in the project management direction
    or to mature into the role of a Business Analyst / Consultant?

I look forward to your answers!

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Re: How to get a 100,000 euro salary?

what exactly are the motivations behind the 100k brand?
Are around 4k a month net. Not a little, but not necessarily a lot either.

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Re: How to get a 100,000 euro salary?

If you want to earn more than 100,000 euros, the best thing to do is to become an entrepreneur, as an employee you won't get there so quickly. of course there are some, for example top law graduates in international law firms. But anyone who brings a company so much profit that it can then pay out more than 100,000 euros (plus ancillary costs) should also have the skills to run their own company successfully.

By the way: even with an income of 100,000 euros, there is not much more than 5000 euros left. a snack bar or cafe operator who is running reasonably well laughs about it.

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Re: How to get a 100,000 euro salary?

So first of all: cafe or snack bar operator? Was that extreme ignorance or just a joke? Sorry, but in the catering sector you can be happy if you make a profit at all.

100,000 EUR are net 4,700 EUR for unit 1 and GKV, but 100,000 EUR will not be reached until the end of 20 at the earliest, so unit 1 is no longer relevant for many. The lawyers in particular have a training period of 8-9 years (studies, state exams 1 & 2, legal clerkship and master’s abroad) and then possibly reach 100,000 EUR. even later as a Big4 manager with a 4-year degree in business administration (diploma).

100,000 EUR for piece 3 is already 5,400 EUR net per month. In addition, the EUR 100,000 is a good indicator of your future career. Anyone who earns six figures will be able to improve even further (Big4 Manager, M / B / B Consultants (Post-MBA), Big Law Lawyers, M&A Analysts (2nd, 3rd year)). Or how likely is it, if you have a turbo career at the beginning, that it won't go up any further once you're 30?

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Re: How to get a 100,000 euro salary?

that should also have the skills
have the ability to run their own company successfully.

yes, many of them lack either a good idea or the courage to take risks

Incidentally: even with an income of 100,000 euros, this does not remain
much more than 5000 euro net left. a reasonably good
running takeaway or cafe operator laughs about it.

especially if he blacks out some of the revenue

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Re: How to get a 100,000 euro salary?

I just read on the homepage of Hannelore Kraft (SPD top candidate) that she had around 14,000 € NET monthly income in 2008. Even the greatest senior consultant at McK looks stupid. ^^
Studied economics at the University of Duisburg and graduated with a degree in economics.

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Re: How to get a 100,000 euro salary?

Work at a discount store. Now, after 6 years, earn over 100,000 euros for around 50 hours per week (plus A6 as a company car).

I have never regretted the decision to go to the discounter.

However, it would certainly look different if I still had to work as a division manager. Certainly nothing for a longer period of time.

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Re: How to get a 100,000 euro salary?

If I stick with it, I will earn> € 100,000 in a few years. It was always my dream. But the stress and the lost life make me want to get out a little more every day. At some point I'll take the step. Then I earn less but have my life back.

Why am I writing this? 3 years ago I thought the same as the thread creator. If you then realize over time that you are devoting your only life to work, living to work and not working to live, money becomes less and less important.

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Re: How to get a 100,000 euro salary?

I have many customers who have between 15,000 and 60,000 net per month (pcs 3).

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Re: How to get a 100,000 euro salary?

Folks, you will find out that not everything is measured in euros and cents.

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Re: How to get a 100,000 euro salary?

These are civil servants who have a high pay grade. It takes time. Officials are worthwhile if you know the nuts and bolts and have a well-functioning network.

But I find civil servants in the EU all the more interesting in terms of the subject areas. Max level 16K net ... but getting on 3200 net is also something ...

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Re: How to get a 100,000 euro salary?

15-60k net / month
What kind of positions are these? 60k net would be an approximate 1.5 million / year
That is roughly equivalent to the fixed salary of a DAX30 board member ...

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Re: How to get a 100,000 euro salary?

Thanks - kept thinking about what to add to this hideously materialistic thread ... you got it right to the point. Very good!

Lounge guest wrote:

Folks, you will find that not everything is in
euro and cent.

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Re: How to get a 100,000 euro salary?

I think anyone who has achieved something at McKinsey can only laugh tiredly at over EUR 14,000 net per month.

1 million EUR per year gross with health insurance, without child allowances and with item 1 still 45,000 EUR net per month and that is how much each partner earns there all at once. (These are the salary regions of better Big4 partners. In a really good year, the average Big4 partner also earn 800-900k EUR)

In addition, I would not say now that it is easy to become deputy federal chairman, state chairman in the largest regional association and top candidate for the German party with its large number of members. This is actually more difficult to achieve than Big4 partners or M / B / B partners, although of course completely different skills are expected.

Also, not all politicians earn as much as Hannelore Kraft and federal and state presidencies are also limited.

Life is better as an EU parliamentarian because it is a bit more realistic to get there. Although there have long been multilingual talents with several university degrees and top grades. Fortunately, there is then much less "basic work" required, i.e. election campaigns etc. and more attention is paid to content.

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Re: How to get a 100,000 euro salary?

Path to the € 100,000 mark:

a) Playing the lottery

b) University, international experience, decent job (it is not a question of money but of practical experience and qualifications). Then become self-employed and use contacts from the job. After a few years, as an economist, you should have pierced 100,000 and there is potential upwards ...

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Re: How to get a 100,000 euro salary?

Well, I don't see it that way. As a businessman you should like money just as you should like airplanes as a pilot. In this respect, I find this thread absolutely legitimate.

In the job as a consultant you have to read through a lot of crap, but I always like to read my pay slip and my bonus calculation :-)

Lounge guest wrote:

Thank you - I kept thinking about what made this hideous
materialistic thread should attach ... you got it on
got to the point. Very good!

Lounge guest wrote:

Folks, you will find that not everything is in
euro and cent.

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Re: How to get a 100,000 euro salary?

I've been in the job for 4 years and only get 75k. what am I doing wrong?

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Re: How to get a 100,000 euro salary?

"Well, I don't see it that way. As a businessman you should like money as you should like airplanes as a pilot. In this respect, I find this thread absolutely legitimate."

How much money? It's just paper and smoke and mirrors ... a businessman should love goods, but I'm not a businessman.

If you're burned out, you don't care about the coal, by the way. many die for quick wealth, but what is rich anyway? i used to be like that too, but at some point you realize that time and happiness are the most valuable goods in life, and you can't buy them for any money in the world. i used to be a hardcore capitalist with dollar signs in my eyes, but the older i get and the more i look at the country, the left i become and the more i despise this society.

every single one should think about what makes life worth living for them. if it's the porsche, then please, but not as compensation for other deficits.

in this sense...

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Re: How to get a 100,000 euro salary?

I've been in the job for 4 years and only get 75k.
what am I doing wrong?

Have fun :)

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Re: How to get a 100,000 euro salary?

bank or consulting? fixed or incl. bonus?

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Re: How to get a 100,000 euro salary?

You almost think that the young German high earners have all gathered here because they have nothing to do. money and income are no longer a benchmark for performance. do you want to show off? "after 4 years 'only' 74k" ??? didn't you hear the bang?

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Re: How to get a 100,000 euro salary?

With the right job you can get a salary of 70-100k in the first year, but these jobs are very rare! There are these jobs in addition to the usual suspects not only in the American law firm, IB and consulting. Someone who wants such a job just has to look ;-) A good hint is e.g. the article about the "golden generation".
Happiness and satisfaction have nothing to do with income only most of those who write here will understand that unfortunately too late or never. Although you get used to a very high salary and the amenities that come with it faster than you would expect, but it doesn't make you happier. Real wealth is something different, it is not for nothing that an intact family and well-off offspring are the most important things in the upper class (no nouveau riche) ;-)

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Re: How to get a 100,000 euro salary?

My answer to your answer to my post:
Maybe a social pedagogue would be. Forum rather something for you.

Lounge guest wrote:

"Well, I don't see it that way. As a businessman, you should have the money
the way you should like airplanes as a pilot. To that extent
I find this thread absolutely legitimate. "

How much money? that's just paper and smoke and mirrors ... one
Kaufmann should love goods, but I'm not a businessman.

By the way, if you are burned out, you don't care about the coal. lots
die for quick wealth, but what is rich anyway?
I used to be like that too, but at some point you realize that
Time and happiness are the most valuable goods in life, and the
you can't buy for any money in the world. i used to be hardcore
capitalist, with dollar signs in his eyes, but the older I get
and the more I look at the country, the left
I will and the more I despise this society.

every single one should think about what life is for
makes him livable. if it's the porsche, then please,
but not as compensation for other deficits.

in this sense...

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Re: How to get a 100,000 euro salary?

"Happiness and satisfaction have nothing to do with income, only most of those who write here will understand that unfortunately too late or never."

Well, if I never understand, then I'll be happy until death - right? What a beautiful life ... :-)

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Re: How to get a 100,000 euro salary?

pedagogy to bring children like you down to earth? as I said, i used to be a hardcore capitalist, but there is more to life. you will also find out.

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Re: How to get a 100,000 euro salary?

Going abroad: With my current net earnings of € 4,800, I would have to earn € 110,000 in D. (Consulting, age 27).

But money is not everything! I used to think differently about it, but the work has to be fun and you have to feel comfortable in the city / in your surroundings personally.

I would rather have my 2,500 net worth in Germany and also have decent working hours, my own bed instead of a hotel, a group of friends nearby and decent vacation. Therefore I will draw my conclusions as soon as possible.

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Re: How to get a 100,000 euro salary?

I also studied, 2 degrees and a doctorate, but you do not get ahead faster through any titles, degrees and inability, but through performance and success in practice. Despite my diploma, I started at the lowest management level. The 100 T long ago exceeded!

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Re: How to get a 100,000 euro salary?

Money is fine, but not everything.
I also once thought that it had to be a lot of coal and found that in the salary range of € 60k + nobody gives you anything - especially no time.

It's great, you have the money and can't spend it because you don't have time.
Always on the go, no relationships, no time for friendships - but the main thing is to post the latest photo from your iPhone on Facebook every three days, which airport you are currently at.

I've taken the step back, have enough money, time and friends.
And that's right: life is much more fun this way :-)

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Re: How to get a 100,000 euro salary?

Everyone has to decide for themselves what is important to them. My standards are far u 100k annual salary - I still live well.

You get used to everything.

The only thing that makes me unhappy is that I haven't found the right job yet. And a job that fulfills me is 100 times more important to me than 100k annual salary. Most of this merit goes to the state anyway.

One more thing about the one who wrote above that you can't make money with cafes etc.

I come from the east and was the operator of a lounge bar until my lease expired. In the end, I had between 3500-6000 € per month and the whole thing settled at just under 4500 € on average - if I had expanded even more would have been possible. I stood in the shop every day from 10 to 12 to reach the salary, I wanted to save the costs of one manpower. There are due dates in the year when you still have a good 3-4k in the till after costs ...

Result - my ex has gone with the children, I've been suffering from stress-related migraines for 2-3 days a month, the office was always on my neck and MY hard-earned money went to the tax authorities. Still, I'm not in a bad mood, but now I pay more attention to the job than to the money.

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Re: How to get a 100,000 euro salary?

I'm the one with the 75k after 4 years of work. The problem is, I'm already 33. I only started working properly (subject to social insurance) when I was 28 ...

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Re: How to get a 100,000 euro salary?

At the age of 33 75k, you have to accelerate if you want to get over 100k! Otherwise you will always remain "trapped" under it. It's like a magic line in the end. Once over ...

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Re: How to get a 100,000 euro salary?

become self-employed with a really good idea. If you have that and the diligence, the commitment for an 80-90 hour week, then you can possibly have success. Or you have the amount as debt after a while.

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Re: How to get a 100,000 euro salary?