I’m 43 and a VP at a tech company and my path to getting here was far from conventional, but the main thing I want to share is that I have zero interest in one day assuming the role of president. The difference in responsibility and pressure is exponential. No amount of money would tempt me to take that leap.
Too often people see the money and assume it’s worth it. By the time you get to that level, chances are you’re doing very well financially. Assuming those top roles means that you want it to fulfill something else that’s in you. Signing up for that kind of pressure and responsibility is a very big deal and that’s why even if you do all the “right” things, your chances of getting there are still slim to none.
Its funny because you guys are all right. Its not about the money. I dont care about the money and I want that responsibility because i want to enact meaningful change in my org and in the world around me. I dont really seek promotions for money, i just want to help others and do more
I’m an engineer now working at my 3rd venture backed start up. The earlier you join the higher the risk, but the greater the reward and equity compensation. I highly recommend start ups because there are very few bullshit jobs and lots to do, so you learn a ton and stay sharp. But it comes with risk as most VC backed start up companies fail.
Becoming a CEO is great and all, but my perspective changed drastically once I started counting the number of CEOs who have died from self-induced stress related illnessses. Knowing how much is enough for yourself is key in this world, at least I think so.
I'd also add that engineering (and most sciences) focus heavily on distilling complex tasks down into approximations which can be more easily solved. That's a pretty solid basis for management. Btw as a side note most people think that physicists, engineers, e.c.t. spend their lives finding exact solutions to problems with tonnes of maths. Even simple equations like Newtons are unsolvable in most real world cases so almost everything is done on very accurate approximations.
As an engineer working in R&D at a large multinational corporation, I’d rather stay an engineer in my little corner programming than become a brand to eventually have a small potential to earn millions of dollars each year. We all want the money, but the sacrifices to get there are just not worth it. I’ll happily and gratefully accept my six-figure salary for the rest of my career if I could just remain an engineer.
Well you can work on your engineering skills and grow the technical branch of career progression. CTO is highly paid and highly influential role in a company.
Anybody who is good at solving problems can become a great CEO. That’s the job and every company from its infancy to dynasty requires somebody at the helm who can identify and fix problems. That’s kind of what engineers do. It’s also what everybody in a STEM field does.
@@HowMoneyWorks Well, I really appreciate the words of encouragement you give me. So I'll give some back. I love your videos and have watched all of them (some multiple times). I even recommended your channel to my cousin who has a master's degree in business (from a very reputable university too) and he complimented you as well. So, keep up the good work man!
I've actually seen this happen to my Dad. He started out as an engineer and then became a manager. After a few years, he was scouted by another company and now works from home. I think he's still a manager but he gets paid much better than before.
Excellent video. I got my MBA from a top 20 school (the Ivys occasionally acknowledge we exist) and the path you outlined is realistic. I think it’s great that you’re providing this insight to a wide audience of people that are weighing different options and may be considering whether pursuing a CEO or executive role is the right choice for them.
@@anthonyharmon9265 UNC. We usually flip back and forth in the rankings with Duke at around spot 15. Behind the scenes, there’s a lot of academic collaboration between the schools. Basketball wise, not so much. Go Heels!
How was the UNC MBA experience & did you find it was worth the expensive price tag (I hear it's great if someone wants to get into consulting or finance/IB)?
Just do what you have passion in. Chasing the title is the worst. Don’t do IB or consulting just because it has a higher chance of becoming a CEO. You’ll burn out faster than you think. Take a closer look at those truly successful people, almost none of them achieve success by chasing after title.
...and too many of them are people you wouldn't like around / wouldn't like to be yourself. Sociopaths are twice as common among high execs, compared to the rest of non-jail population :)
The biggest problem with being rich and influential is that you are a brand, which seriously limits what you can effectively do. If you get drunk and fall asleep on a park bench, not only your friends will ridicule you for that, but the whole world will ridicule you for that and your value will plummet. For this reason doing anything that requires the person themselves to be a brand just sucks, and it's much better to be a highly valued corporate employee while remaining completely uninteresting to the outside world, preferably with a common name and forgettable face.
why the fuck would you be getting drunk and falling asleep on a park bench when you're a ceo you'd be doing it in your own bar or some shit and have someone with you to chauffeur
@@LANSl0t dude who cares where you get drunk and fall asleep? his point is that if you make even the slightest mistake publicly, then your entire brand will suffer as a result
Lmao if the second option was easy, surely the Harvard MBAs would’ve all gone for it already? These people aren’t stupid - the risk and reward of both options are perfectly balanced, which is why you have so many smart people wanting to be CEOs instead of owners
Not true. The most CEOs have in common is an engineering degree. Look up all the Indian CEOs of Microsoft, Google. Engineering degree plus an MBA is the ideal combo
Amazing video. I've currently got my bachelor's and am a graduate at a fortune 500 company so I'll take your tips to knuckle down and get my name out there!
For those who do not speak business, “building your personal brand” means mostly kissing ass, pushing others in front of the bus and taking credit for other people’s good work whenever you can. Also, lying, cheating and blackmailing are valid, if not encouraged, strategies.
did you even finish collage or high school ? that's the old way. today you try doing that and people go on the net and with 1 video will burn your career.
You forgot putting people down. You MUST be good right if you notice how bad other people are. Problem of course is you don't understand something doesn't mean the person is bad.
you’re out of touch, this is a good way to RUIN your brand. everything’s extremely interconnected now. if you screw one person over, word’s going to get around.
funily, i'm in a havard MBA, but never even thought of becoming a multi millionare CEO. but you've convinced me that I have everything in place to chase this stupid goal
Why get an MBA from Harvard if that wasnt your goal? How is that a stupid goal? You have a master's of business degree from one of the most prestigious schools in the world. Why wouldn't you be interested in being the chief executive officer of a large business?
Hey man, how is it? Do you regret your decision? I’m currently interviewing for position in management consultancy firm and I would like to know about your experience. I’m 23 and i’ll get bachelor in engineering in a couple of months
"Ever heard of Casper?" "Oh yeah, that's one of the DTC business going bust right". That's what impression i get from the sponsor of this video. Would like to know if you think otherwise
Total compensation =/= salary. If you create a startup, many founders have to have their shares vested over time. Stock options are granted to c-level employees, but are only of value if the company continues to grow.
I dropped out and my best year in sales is above what most drop ours achieve. Fortunately for me I'm in sales, nothing else, so it's not a requirement for my profession. However it's taken 10 years and alot of ups and downs to get to my position and say I deserve a the income that I aks for my skill level.
I did Economics & Finance, one thing I have realised is that to get an exec position you also need to be an outgoing and generally extroverted person. If you are the type that hates public attention and dealing with people you need to find other ways of making it in life😆 I decided to go into Financial Analysis, I'm now making a living in the financial markets, when the Ukraine crisis started I went short on EUR/USD😀Im not writing a CV to some company ever. If you know your personality doesn't fit that of any 5 Execs you know please equip yourself with a skill that can make you money without you having to write a CV
@@jk-qm7lh you can be an analyst with any crap bachelors degree (even a non finished one) if you sell yourself decently and are willing to work 80hrs a week while being barely more productive than you would be in a 40hr job, and then spend whatever little free time remains on networking.
I think the amount of money or even the comparisons to average staff pay aren't the thing that annoys people, it's the often complete disassociation to company performance that does (companies that have made bad moves or are just suffering because of market conditions usually hold back staff wage growth and halt promotion activities but still often pay CEOs and top executives the same or even more than they were making). One example of this is The Royal Bank of Scotland which had to be bailed out and became majority government owned. Executive pay and bonuses didn't go down despite obviously poor performance. I get the point that if you want a company to improve you have to pay for good people to do the work but there should always be some difference based on actual performance otherwise you're just rewarding incompetence.
thats my issue with politicians too. I.E. the former Hongkong Chief Executive came under alot of criticism for her handling of the pandemic and her actions regarding the national security law. But that doesnt bar them from being paid exuberant amounts in salary and receive lifelong payments after their retirement. at some point, the gains far outweigh the risk imo. or in a different field: sports. take for example a manager/headcoach of a top football team in europe, preferably premier league. you can be sacked for performing subpar and making bad purchases just half a year from when you started. but severance package means that it's still super lucrative. and keep in mind that the top 20 managers in football basically just get to move from one great club to the next once they have their reputation built up
To be perfectly fair, i dont except my pay as an engineer to be docked because a product launch is less successful either. In fact, that would be illegal in my country.
All I can really hear him saying is brand yourself. Personal branding. Build your name up yourself. Which actually just speaks to me in saying create your own company.
Honestly these kinds of videos only make me more glad that I never considered this kind of career route 😂 I would not be able to live my life like this. It's interesting to learn how this all works though and I mean absolutely no disrespect to people who do want and choose this option. To each their own, which is only good because we need people with different ambitions for society to keep rolling.
@@fariii7 I chose based on what I wanted to do for the majority of my time on Earth rather than how much money it would make. Even if I'd "fail" halfway, then at least all the hours I put into everything would still have been worth it.
@@fariii7 I'd have to preface that answer with some notes lol. First of, I'm a huge nerd. As in, I genuinely enjoy taking classes, no matter the subject. Second, I don't live in the US, so my career prospects (and current study programme) look nothing like the typical portrayal on TV, because we got unions, worker protections, all that good stuff. With all that out of the way, I'm double majoring (closest translation I could think of) in medicine and molecular cell biology. I have a lot of options with that combination, but I'm primarily considering pathologist (the non-forensic kind) and doctor for mentally handicapped people (a specialty that doesn't even exist outside of my home country), with the aim to combine either with teaching & research. I've got my eyes on those because they require both specialist and generalist skills and knowledge. In pathology you're dealing mostly with microscopy, genetics and molecular testing but involving cases that come from basically every other specialty. As a doctor for mentally handicapped people you have to specialize in psychiatry and neurology but be just as able to handle issues that a GP might get. That way I can get really lost in a specific subject and satiate my desire for more, yknow. And I picked medicine&cell biology in general bc I particularly love biology and these subdivisions inherently require that you also learn some physics, chemistry, psychology, social sciences, statistics etc.
@@fariii7 Very long answer but I didn't know how else to convey all the crucial information, cause at first glance it might seem like just as bonkers a decision as trying to become CEO 😂
@@carlosrv1301 A technical expert. Someone who stays in the engineering field. Generally engineers who go into business areas do so because they don't have the skills or inclination to be good at engineering.
As an engineer myself, I could not more respectfully disagree. Engineering has many different roles, opportunities and challenges, and ultimately what problems you chose to solve have to do with your strengths and interests. Just because one engineer prefers to work with people and processes over CAD and FEA doesn’t make them less competent, they have different inclinations (and hopefully better communication skills).
I get where you are going with this, but I gotta agree with David, a good engineer would make for an excellent CEO, a bad engineer makes for a terrible one. I've had a engineer ceo who I couldn't see being capable at doing actual engineering and was also pretty rubish at being a ceo.
@@youtube_omaro1879 Thats not a fair representation. Just as often, they take a management job they've been offered due to higher salary. Or just end up wearing the management hat in some startup because they where short staffed and moved up from there. Then eventually, the management portion of their job just overwhelms the engineering portion in terms of time commitment.
Good thing this man is so benevolent, he would rather teach us how to than do it himself. I’m sure this step by step tutorial would allow anyone to be a Fortune 500 CEO tho.
Lmao, yes huge respect to the teachers and not the doers 😂 If anyone thinks they can just become CEO they are highly mistaken. A fulfilling, high salary life can be lived without the stress.
It just might. You probably missed the video bits where he mentioned "and if you do all that, you get a 1% chance" - so it's not a step-by-step guide to CEO, but to getting the best chances for becoming CEO.
Thank goodness you brought this up! Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 10 grand weekly and this has improved my financial life. Great piece!.
she's a known advisor. I actually did look her up curiously and went through her credentials on her webbsite... Top-notch! I wrote her an email, hopefully she's accepting new intakes.
Best life changing advice is to pick a good financial mentor and let them guide you towards wealth. This really saves you from loss and time wasting. I am glad I know Olivia Sullivan.
I wouldn’t say your school for your undergraduate is any less important that MBA. It allows you learn the skill sets (e.g. intense banking/investment clubs at a good university) and the opportunity to make many connections that gets you a good job in the industry in the first olace
Engineers analyze and solve real-world problems. That's why they are valuable to corporations. The biggest difficulty for many engineers is people skills (including the part about sabotaging your competitors).
@@HenryChewings I only pointed out why they are valuable. It wasn't an exclusionary statement. If I point out why gold and diamonds are valuable, does that mean platinum and emeralds are NOT valuable? Please be more analytical (like an engineer, but not necessarily exclusively like an engineer) in your assessments of statements.
I have a mechanical engineering degree and an MBA. I'm a mid-level non-teaching staff member at an under-funded rural community college making about 2/3rds of what I made as an engineer...but at least I have an office 🤷🏾♂️
engineering deadlines suck, i quit my job because of it. Companies want to squeeze everything out of you without regard for your health and in the end, it is still effin active income. Phuck dat shiet.
This video shows how crazy hard it is to get to the exec level making that kind of money. This is why they're compensated the way they are, and I don't see that ever changing. Why would anyone otherwise sacrifice this much of their life climbing the ladder? The world isn't a fair place, and it pays to understand why it is that way.
I work at a fortune 100 company and have my bachelors in engineering, so according to HMW I check the right boxes. However, money is not worth the amount of life that you to have to give up to attain any executive level position. I can be happy making good money a little further down the ladder.
So, I've been an engineer, and will always say first that I'm an engineer, if they're to ask about my educational background. (Though I work now as a non-FAANG Software Dev) I get that HMW is trying to explain about "How to become a CEO", but I want to also say, "Why not just stay a lowly engineer?" I earn "enough" money for myself, and maybe if I were to have a kid or two, then my future wife would need to work too. I enjoy working with solving problems in software, helping colleagues solving their issues, and then clock out at 5pm (I work flexi and at times, HO, but you get the point). I am seriously content with my life, and I actually vibe more with the "Boring jobs are the best" video that HMW made. THAT should be the goal. Not "being filthy rich and exploit others, and forgetting to actually have a balanced life" We need more content to push for the "Boring jobs", and these so-called "Quiet quitting" phenomenon in the US is so much on the right path (we in Europe got this already for quite some time ;) )
Yea 96 / 279 CEOs are engineering majors but 156 / 279 are Econ, Bus. Admin., Acct, Finance, and Marketing majors of which all basically get covered in a general business degree (e.g. I was a finance major and took classes among all of the aforementioned majors)
Disclaimer that everyone needs to be reminded: CEO is not a position for everyone. If you're beelining to become a CEO you need career counseling, life counseling, and a study of economics to understand the way the world works.
I've worked in a highly dangerous job as an engineer for years and every time after we finish the contract I would go to the employment office and take test for my skill set. And after I finish the test I would always get the same result go apply fur corporation and become a CEO you have the personality for a CEO I can never figure that out but I always got the same result.
This is awesome! But there is still more topics to talk about as Harvard doesn't offer an engineering degree. In fact, most schools don't. Harvard offers "Electrical Engineering" or "Materials Science & Mechanical Engineering" or "Environmental Science & Engineering" or "Bioengineering" or "Mechanical Engineering" and "Biomedical Engineering". What would have been an interesting topic to discuss would have been the specific type of engineering degree that is most common in these CEOs and which article/study/data set made the finding
Several videos are promoting this idea and the flaw in them all is that there is no corporate ladder to climb to CEO. Just do whatever education interests you and set up a company by yourself. Now you're a CEO.
Great video! The engineering mindset is really useful for optimizing processes and thinking structured and even more so if you're doing anything within the industry
Nah I’m solid with the $130,000 outlook for data scientist or the $120,000 outlook for electrical engineer. But, very interesting video and so I subbed. Looks like you put in a lot of work into this :)
i dont like the investment banking route because an engineer might get paid better for the first 5-10 years, works literally half of the time and it is less risky
The only and only thing that makes sense is how you market yourself. As the value to add to yourself is one of the key cuts that can make you the top notch person.
Elon doesn’t have an engineering degree, but has self taught himself engineering. In my opinion that’s much more impressive than one with an engineering degree. A degree gives you authority and credibility, also it makes the knowledge easier to learn however it’s not to say that you can’t learn anything without university.
Honestly I’d rather not to. It sounds like a lot of pressure hard work and time wasted just to be dragged along and make money I wouldn’t even know how to spend. I’m genuinely content with a “mediocre” life no matter how unglamorous it is in this day and age
Me too man. I’m happy with my very flexible and well paying (for the average person) engineering job. I don’t need much more than I have and the family time I get to enjoy is better than the extra money I could earn.
I find it strange how people get so mad at our brilliant business leaders that make 1-10 million $ a year building and growing companies that grow our economy and stock market for everyone’s shared retirement. But then they’re cool with Lebron making $200 million a year or Messi making $400 million a year.
Okay, 7:30 Talking about people who chose to study engineering and putting up an image of musk is all sorts of wrongs, not to mention "physicist" in the description. He is neither engineer nor physicist.
Excellent and thorough, as usual. Personally, I'd never be willing to pay the toll that would all take on my family, relationships, healthy, etc. If I had some amazing, innovative product I believed in, then that might make me want to start my own company but attempting to work my way up somebody else's ladder sounds like a rat race. Eye-opening video!
at the end of the day, I dont think money is the deciding factor anymore because, as stated here often, with the role comes the responsibility and the pressure. and people who have the chance of taking such role are super loaded with cash already by the time that they qualify.
“The average net worth of the first 2,200 microsoft employees was over $10 million.” It has to be much higher considering the average net worth of Bill Gates and 2,199 homeless people is $45.9 million.
Good video!!! Very engaging... With the current market situation, the best investment one can make right now is to invest in the Forex market, although stocks are good, but since I switched to Forex, I 've seen so much difference in my finances
Inflation is killing my budget and my salary. I can no longer invest in the financial market and it seems that I will have to sell all my risky assets to keep my head above water. What's the best advice right now?
Investing in risky assets (stocks, crypto, forex, etc.) is easier with professional advice, especially an investment advisor, it really helps reduce the risk of incurring losses
I had this experience during the last downturn and I thought I had lost everything but thanks to Ms. Jennifer Marie Ferguson who is my financial advisor, I recovered all my losses.
Meanwhile avoid having a family at the same time. Simply abusive to people you’ve vowed to cherish. Marry later in life - once this priority is out of the way.
@@creatorbens I agree . But I am talking about ultra rich people. Yeah but anyone can earn some millions by hardwork and consistency and live a good life. Thanks for such a detailed reply
I studied Engineering. I chose it not just for financial security, but because I like applying math and science. But I also don't have many good "people skills", which means that I'm not interested in working in any kind of management role. I remember being really, really frustrated because whenever I went to job fairs, the jobs available usually sounded more like a management position than any thing actually using my engineering skills. And the few jobs that didn't sound like just middle-management were asking for specific specialties than what I was getting my degree in. (I studied Mechanical Engineering, but in hind-site I should have done either Electrical, Computer science, or Aerospace) Of course, I'm currently basically living paycheck-to-paycheck using basic computer skills in a mind-numbing job, so I'm probably not a good financial adviser. I'd say I should have bit the bullet and applied to a middle-management position... except more experience is proven just how HORRIBLE I am at managing people.
Mechanical engineering is powerful, in that it's probably the most broad degree you can get. It doesn't take a massive amount of work for a mechanical engineering to learn electrical, computer, or aerospace engineering. As a lot of the foundational knowlege is already there. It would be much more difficult for a CS major to become a mechanical engineer.
This is the path that you would have needed to follow in order to be a CEO now, but is it also the path that a teenager who is now in highschool should follow?
If you're into getting a peek into the world of powerful CEOs, I just finished "The Hidden Empire: Inside the Private Worlds of Elite CEOs" by Adam Skylight. Totally worth the read.
Trust me you really don’t want to be a CEO when u become one u just want to live a stress free fun life without responsibilities. All you want is money without doing anything so just invest get dividends and live your life doing actually what u want to do And for you if “whatever you want to do” means to become a CEO then become CEO. At the top there’s no boss and helping hand decisions are yours as well as consequences doesn’t matter whether it’s done for good or for bad.
Thank you Helix for sponsoring! Visit helixsleep.com/howmoneyworks to get up to $200 off your Helix mattress, plus two free pillows #helixsleep
what a bunch of bullshit you cant sleep after you quit your day job rofl
tysm helix helped me so much
Nothing can convince the investor better than:
"Trust me, I'm an engineer"
Facts
Best comment
@@anthonyomisorecanfixit nah
I mean yes… if you understand the product. Most vcs are engineers as well, so they can see the bs. PE guys… eh.
In the end, finance interest over product…..
I’m 43 and a VP at a tech company and my path to getting here was far from conventional, but the main thing I want to share is that I have zero interest in one day assuming the role of president. The difference in responsibility and pressure is exponential. No amount of money would tempt me to take that leap.
this is another perspective, thanks for sharing
Too often people see the money and assume it’s worth it. By the time you get to that level, chances are you’re doing very well financially. Assuming those top roles means that you want it to fulfill something else that’s in you. Signing up for that kind of pressure and responsibility is a very big deal and that’s why even if you do all the “right” things, your chances of getting there are still slim to none.
Put me in coach
t 24 yo about to be squad lead that is fine with that pressure one day
Its funny because you guys are all right. Its not about the money. I dont care about the money and I want that responsibility because i want to enact meaningful change in my org and in the world around me. I dont really seek promotions for money, i just want to help others and do more
@@TheRealBeady Doesn't sound like someone a company would want. You're supposed to extract as much wealth from the customers and employees as possible
I’m an engineer now working at my 3rd venture backed start up. The earlier you join the higher the risk, but the greater the reward and equity compensation. I highly recommend start ups because there are very few bullshit jobs and lots to do, so you learn a ton and stay sharp. But it comes with risk as most VC backed start up companies fail.
What does your start up do?
Yeah mine failed and they let go of me and 50% of the staff 😩 investors said they no longer saw the company being profitable in the future
Becoming a CEO is great and all, but my perspective changed drastically once I started counting the number of CEOs who have died from self-induced stress related illnessses. Knowing how much is enough for yourself is key in this world, at least I think so.
not going to lie, passing away from cocaine overdose in your mansion wouldnt be bad
How many?
CEO'S like me especially funders like Elon, Bill ,Jeff.etc..
It's not about the money. It's about vision and service.
it's logical, if you want to achieve your ambitions, you sacrifice your life expectancy.
(Bodybuilder, CEO, Astronoter, pro Athlete...)
lol the always popular the responsibility is killing me argument.
I'd also add that engineering (and most sciences) focus heavily on distilling complex tasks down into approximations which can be more easily solved. That's a pretty solid basis for management.
Btw as a side note most people think that physicists, engineers, e.c.t. spend their lives finding exact solutions to problems with tonnes of maths. Even simple equations like Newtons are unsolvable in most real world cases so almost everything is done on very accurate approximations.
Thank you! Last 2 years of physics were basically all using 2nd degree taylor expansions :D
Keep quiet or they'll notice and will overflow the market 🤣 Best regards!
Engineers are problem solvers, its not a surprise that even in my country they are the majority in Banking Exec positions
Orrrr in the case of manning a equation for storm run off, just ere way on the side of caution and oversized everything hahaha
I’m about to graduate as an engineer and half the time I just eyeball shit hahah
"The worst financial transaction you will ever make is selling yourself short."
- Greg Gilbert
Man if I could have shorted myself I would've made so much money.
@@somethinglikethat2176 puts on this guy! 😂😂
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@@somethinglikethat2176 😂😂😂😂
As an engineer working in R&D at a large multinational corporation, I’d rather stay an engineer in my little corner programming than become a brand to eventually have a small potential to earn millions of dollars each year. We all want the money, but the sacrifices to get there are just not worth it. I’ll happily and gratefully accept my six-figure salary for the rest of my career if I could just remain an engineer.
Well you can work on your engineering skills and grow the technical branch of career progression. CTO is highly paid and highly influential role in a company.
Should have been center fielder for the Yankees!
Anybody who is good at solving problems can become a great CEO. That’s the job and every company from its infancy to dynasty requires somebody at the helm who can identify and fix problems.
That’s kind of what engineers do. It’s also what everybody in a STEM field does.
Engineering is better than the other letters in STEM at preparing people for real-world practical problem solving.
Its what everyone does, if you define ensuring opportunities are taken as an opportunity
As an engineering student this gave me some hope, but on the downside I doubt I'll ever get into Harvard...
Being a Fortune 500 CEO is overrated anyway, I am sure you will do great things with your engineering degree.
@@HowMoneyWorks im doing engineering as well, but I'm more interested in opening a startup
in other words it's a long shot (to achieve this) 😥especially if you don't posses ove of top 5 world passport (good luck) 😌
Bro are u applying to harvard
@@HowMoneyWorks Well, I really appreciate the words of encouragement you give me. So I'll give some back. I love your videos and have watched all of them (some multiple times). I even recommended your channel to my cousin who has a master's degree in business (from a very reputable university too) and he complimented you as well. So, keep up the good work man!
I've actually seen this happen to my Dad. He started out as an engineer and then became a manager. After a few years, he was scouted by another company and now works from home. I think he's still a manager but he gets paid much better than before.
Excellent video. I got my MBA from a top 20 school (the Ivys occasionally acknowledge we exist) and the path you outlined is realistic. I think it’s great that you’re providing this insight to a wide audience of people that are weighing different options and may be considering whether pursuing a CEO or executive role is the right choice for them.
Stanford, Duke or MIT?
@@anthonyharmon9265 UNC. We usually flip back and forth in the rankings with Duke at around spot 15. Behind the scenes, there’s a lot of academic collaboration between the schools. Basketball wise, not so much. Go Heels!
How was the UNC MBA experience & did you find it was worth the expensive price tag (I hear it's great if someone wants to get into consulting or finance/IB)?
There are no universities in Bangladesh, Beny!! Poor as Fuuu for the rest of our lives
GPT ass comment
Just do what you have passion in. Chasing the title is the worst. Don’t do IB or consulting just because it has a higher chance of becoming a CEO. You’ll burn out faster than you think. Take a closer look at those truly successful people, almost none of them achieve success by chasing after title.
...and too many of them are people you wouldn't like around / wouldn't like to be yourself. Sociopaths are twice as common among high execs, compared to the rest of non-jail population :)
The biggest problem with being rich and influential is that you are a brand, which seriously limits what you can effectively do. If you get drunk and fall asleep on a park bench, not only your friends will ridicule you for that, but the whole world will ridicule you for that and your value will plummet.
For this reason doing anything that requires the person themselves to be a brand just sucks, and it's much better to be a highly valued corporate employee while remaining completely uninteresting to the outside world, preferably with a common name and forgettable face.
Oh Oh boo hoo, your rich so you can say fuck it. Some people sleep on a bench because they can't even find a house to sleep in
Yup
why the fuck would you be getting drunk and falling asleep on a park bench when you're a ceo you'd be doing it in your own bar or some shit and have someone with you to chauffeur
@@LANSl0t dude who cares where you get drunk and fall asleep? his point is that if you make even the slightest mistake publicly, then your entire brand will suffer as a result
Just have more scandals that don't involve sex.
I hope guidance counselors show this to their students. You give solid, data-driven advice!
Wanna be a ceo
1. MBA from Harvard
2. Work experience
3. Competition
4. No surety
Wanna be a owner?
1. Start something
2. Consistency improvement
No surety ,in the second one as well
Lmao if the second option was easy, surely the Harvard MBAs would’ve all gone for it already? These people aren’t stupid - the risk and reward of both options are perfectly balanced, which is why you have so many smart people wanting to be CEOs instead of owners
Not true. The most CEOs have in common is an engineering degree. Look up all the Indian CEOs of Microsoft, Google. Engineering degree plus an MBA is the ideal combo
There's even less surety and even more competition when starting your own business
@@NeothefishMBA or MS is power boost but you can get there without them but requires more dedication
Amazing video. I've currently got my bachelor's and am a graduate at a fortune 500 company so I'll take your tips to knuckle down and get my name out there!
For those who do not speak business, “building your personal brand” means mostly kissing ass, pushing others in front of the bus and taking credit for other people’s good work whenever you can. Also, lying, cheating and blackmailing are valid, if not encouraged, strategies.
Who hurt you? 😂
That is cutthroat culture in corporate, not brand building 😂
Most businesses are no longer cutthroat. Agile has taken over so there’s no need for it.
did you even finish collage or high school ? that's the old way. today you try doing that and people go on the net and with 1 video will burn your career.
You forgot putting people down. You MUST be good right if you notice how bad other people are. Problem of course is you don't understand something doesn't mean the person is bad.
you’re out of touch, this is a good way to RUIN your brand. everything’s extremely interconnected now. if you screw one person over, word’s going to get around.
funily, i'm in a havard MBA, but never even thought of becoming a multi millionare CEO.
but you've convinced me that I have everything in place to chase this stupid goal
Did you study engineering?
How's it going 3 months later?
@@Soren_Kierkegaard any update????
@@Soren_Kierkegaard he dropped out to found his own fortune 500 company
Why get an MBA from Harvard if that wasnt your goal? How is that a stupid goal? You have a master's of business degree from one of the most prestigious schools in the world. Why wouldn't you be interested in being the chief executive officer of a large business?
I'm 26, with a bachelor in engineering and recently lande my first management position. Getting there!
Hey man, how is it? Do you regret your decision? I’m currently interviewing for position in management consultancy firm and I would like to know about your experience. I’m 23 and i’ll get bachelor in engineering in a couple of months
Loved the word of advice based on your own experience "and no further research at all"!
"Ever heard of Casper?" "Oh yeah, that's one of the DTC business going bust right". That's what impression i get from the sponsor of this video. Would like to know if you think otherwise
Total compensation =/= salary. If you create a startup, many founders have to have their shares vested over time.
Stock options are granted to c-level employees, but are only of value if the company continues to grow.
I dropped out and my best year in sales is above what most drop ours achieve.
Fortunately for me I'm in sales, nothing else, so it's not a requirement for my profession. However it's taken 10 years and alot of ups and downs to get to my position and say I deserve a the income that I aks for my skill level.
I did Economics & Finance, one thing I have realised is that to get an exec position you also need to be an outgoing and generally extroverted person. If you are the type that hates public attention and dealing with people you need to find other ways of making it in life😆
I decided to go into Financial Analysis, I'm now making a living in the financial markets, when the Ukraine crisis started I went short on EUR/USD😀Im not writing a CV to some company ever.
If you know your personality doesn't fit that of any 5 Execs you know please equip yourself with a skill that can make you money without you having to write a CV
What degrees would you then recommend for these high skill fields/jobs?
@@jk-qm7lh you can be an analyst with any crap bachelors degree (even a non finished one) if you sell yourself decently and are willing to work 80hrs a week while being barely more productive than you would be in a 40hr job, and then spend whatever little free time remains on networking.
NO, you don't have to be an extrovert. You can be an introvert. You will have to socialise though.
You might just have to write a CV soon. Be careful.
I think the amount of money or even the comparisons to average staff pay aren't the thing that annoys people, it's the often complete disassociation to company performance that does (companies that have made bad moves or are just suffering because of market conditions usually hold back staff wage growth and halt promotion activities but still often pay CEOs and top executives the same or even more than they were making). One example of this is The Royal Bank of Scotland which had to be bailed out and became majority government owned. Executive pay and bonuses didn't go down despite obviously poor performance. I get the point that if you want a company to improve you have to pay for good people to do the work but there should always be some difference based on actual performance otherwise you're just rewarding incompetence.
thats my issue with politicians too. I.E. the former Hongkong Chief Executive came under alot of criticism for her handling of the pandemic and her actions regarding the national security law. But that doesnt bar them from being paid exuberant amounts in salary and receive lifelong payments after their retirement. at some point, the gains far outweigh the risk imo.
or in a different field: sports. take for example a manager/headcoach of a top football team in europe, preferably premier league. you can be sacked for performing subpar and making bad purchases just half a year from when you started. but severance package means that it's still super lucrative. and keep in mind that the top 20 managers in football basically just get to move from one great club to the next once they have their reputation built up
To be perfectly fair, i dont except my pay as an engineer to be docked because a product launch is less successful either. In fact, that would be illegal in my country.
All I can really hear him saying is brand yourself. Personal branding. Build your name up yourself. Which actually just speaks to me in saying create your own company.
Honestly these kinds of videos only make me more glad that I never considered this kind of career route 😂 I would not be able to live my life like this. It's interesting to learn how this all works though and I mean absolutely no disrespect to people who do want and choose this option. To each their own, which is only good because we need people with different ambitions for society to keep rolling.
what career route are you going down instead?
@@fariii7 I chose based on what I wanted to do for the majority of my time on Earth rather than how much money it would make. Even if I'd "fail" halfway, then at least all the hours I put into everything would still have been worth it.
@@undercoverduck oh that's quite good! But what career is it exactly?
@@fariii7 I'd have to preface that answer with some notes lol. First of, I'm a huge nerd. As in, I genuinely enjoy taking classes, no matter the subject. Second, I don't live in the US, so my career prospects (and current study programme) look nothing like the typical portrayal on TV, because we got unions, worker protections, all that good stuff. With all that out of the way, I'm double majoring (closest translation I could think of) in medicine and molecular cell biology. I have a lot of options with that combination, but I'm primarily considering pathologist (the non-forensic kind) and doctor for mentally handicapped people (a specialty that doesn't even exist outside of my home country), with the aim to combine either with teaching & research. I've got my eyes on those because they require both specialist and generalist skills and knowledge. In pathology you're dealing mostly with microscopy, genetics and molecular testing but involving cases that come from basically every other specialty. As a doctor for mentally handicapped people you have to specialize in psychiatry and neurology but be just as able to handle issues that a GP might get. That way I can get really lost in a specific subject and satiate my desire for more, yknow. And I picked medicine&cell biology in general bc I particularly love biology and these subdivisions inherently require that you also learn some physics, chemistry, psychology, social sciences, statistics etc.
@@fariii7 Very long answer but I didn't know how else to convey all the crucial information, cause at first glance it might seem like just as bonkers a decision as trying to become CEO 😂
In Engineering, we call these people "failed Engineers".
But I'd still rather a failed Engineer as my CEO than a non-Engineer
What would be an accomplished engineer?
@@carlosrv1301
A technical expert. Someone who stays in the engineering field.
Generally engineers who go into business areas do so because they don't have the skills or inclination to be good at engineering.
As an engineer myself, I could not more respectfully disagree. Engineering has many different roles, opportunities and challenges, and ultimately what problems you chose to solve have to do with your strengths and interests. Just because one engineer prefers to work with people and processes over CAD and FEA doesn’t make them less competent, they have different inclinations (and hopefully better communication skills).
I get where you are going with this, but I gotta agree with David, a good engineer would make for an excellent CEO, a bad engineer makes for a terrible one. I've had a engineer ceo who I couldn't see being capable at doing actual engineering and was also pretty rubish at being a ceo.
@@youtube_omaro1879 Thats not a fair representation. Just as often, they take a management job they've been offered due to higher salary. Or just end up wearing the management hat in some startup because they where short staffed and moved up from there. Then eventually, the management portion of their job just overwhelms the engineering portion in terms of time commitment.
Good thing this man is so benevolent, he would rather teach us how to than do it himself. I’m sure this step by step tutorial would allow anyone to be a Fortune 500 CEO tho.
Lmao, yes huge respect to the teachers and not the doers 😂
If anyone thinks they can just become CEO they are highly mistaken. A fulfilling, high salary life can be lived without the stress.
It just might. You probably missed the video bits where he mentioned "and if you do all that, you get a 1% chance" - so it's not a step-by-step guide to CEO, but to getting the best chances for becoming CEO.
Smell like sarcasm
Thank goodness you brought this up! Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 10 grand weekly and this has improved my financial life. Great piece!.
Do you mind sharing info on the adviser who
assisted you? I'm 39 now and would love to
grow my portfolio and plan my retirement
She’s OLIVIA SULLIVAN FINANCIALS
she's a known advisor. I actually did look her up curiously and went through her credentials on her webbsite... Top-notch! I wrote her an email, hopefully she's accepting new intakes.
She's definitely going to help you. All you have to do is look up her full name and reach out to her
Best life changing advice is to pick a good financial mentor and let them guide you towards wealth. This really saves you from loss and time wasting. I am glad I know Olivia Sullivan.
I wouldn’t say your school for your undergraduate is any less important that MBA. It allows you learn the skill sets (e.g. intense banking/investment clubs at a good university) and the opportunity to make many connections that gets you a good job in the industry in the first olace
What is mba
Engineers analyze and solve real-world problems. That's why they are valuable to corporations. The biggest difficulty for many engineers is people skills (including the part about sabotaging your competitors).
Bruh. You make it sound like the only people that can solve problems have engineering degrees which is not true.
@@HenryChewings I only pointed out why they are valuable. It wasn't an exclusionary statement. If I point out why gold and diamonds are valuable, does that mean platinum and emeralds are NOT valuable? Please be more analytical (like an engineer, but not necessarily exclusively like an engineer) in your assessments of statements.
@@dzcav3 Well said.
Yup, people skills are definitely the key here. People arent logical. You will get paid more by making management like you than by doing a good job.
love how you call him tim apple
I have a mechanical engineering degree and an MBA. I'm a mid-level non-teaching staff member at an under-funded rural community college making about 2/3rds of what I made as an engineer...but at least I have an office 🤷🏾♂️
engineering deadlines suck, i quit my job because of it. Companies want to squeeze everything out of you without regard for your health and in the end, it is still effin active income. Phuck dat shiet.
@@rodney5269were you some sort of project engineer?
This video shows how crazy hard it is to get to the exec level making that kind of money. This is why they're compensated the way they are, and I don't see that ever changing. Why would anyone otherwise sacrifice this much of their life climbing the ladder? The world isn't a fair place, and it pays to understand why it is that way.
I work at a fortune 100 company and have my bachelors in engineering, so according to HMW I check the right boxes. However, money is not worth the amount of life that you to have to give up to attain any executive level position. I can be happy making good money a little further down the ladder.
Would love to learn more about this, "money is not worth the amount of life that you to have to give up to attain any executive level position".
So, I've been an engineer, and will always say first that I'm an engineer, if they're to ask about my educational background. (Though I work now as a non-FAANG Software Dev)
I get that HMW is trying to explain about "How to become a CEO", but I want to also say, "Why not just stay a lowly engineer?"
I earn "enough" money for myself, and maybe if I were to have a kid or two, then my future wife would need to work too. I enjoy working with solving problems in software, helping colleagues solving their issues, and then clock out at 5pm (I work flexi and at times, HO, but you get the point). I am seriously content with my life, and I actually vibe more with the "Boring jobs are the best" video that HMW made. THAT should be the goal. Not "being filthy rich and exploit others, and forgetting to actually have a balanced life"
We need more content to push for the "Boring jobs", and these so-called "Quiet quitting" phenomenon in the US is so much on the right path (we in Europe got this already for quite some time ;) )
Totally agree with you.. I'm also learning how to program to change my job..
Please be an engineer not a stupid! Never marry a woman, not in this century, not in the west.
Great advice for the right audience. My preference is rising to the maximum and staying private. Public pressure is another thing altogether
video starts at 3:52
Yea 96 / 279 CEOs are engineering majors but 156 / 279 are Econ, Bus. Admin., Acct, Finance, and Marketing majors of which all basically get covered in a general business degree (e.g. I was a finance major and took classes among all of the aforementioned majors)
It makes sense, create the product/service and learn the industry first
Disclaimer that everyone needs to be reminded: CEO is not a position for everyone. If you're beelining to become a CEO you need career counseling, life counseling, and a study of economics to understand the way the world works.
I've worked in a highly dangerous job as an engineer for years and every time after we finish the contract I would go to the employment office and take test for my skill set. And after I finish the test I would always get the same result go apply fur corporation and become a CEO you have the personality for a CEO I can never figure that out but I always got the same result.
Im a high school senior i'm actually going to do this path thx How Money Works 🙏.
I learned more in 15 minutes than I did my last 2 years of college. Holy cow this was an amazing video!
You wasted the last two years, then.
@@TheSublimeLifestyle yes and no. I needed those last 2 years to get where I am now.
Great video, thank you and keep the good work!
Thanks, will do!
That's it teach your kids to become engineers. It's a bright future
I think the lesson in this is to abandon your engineering studies and skip over to get an MBA, and keep the brain drain to the finance sector going.
This is awesome! But there is still more topics to talk about as Harvard doesn't offer an engineering degree. In fact, most schools don't. Harvard offers "Electrical Engineering" or "Materials Science & Mechanical Engineering" or "Environmental Science & Engineering" or "Bioengineering" or "Mechanical Engineering" and "Biomedical Engineering". What would have been an interesting topic to discuss would have been the specific type of engineering degree that is most common in these CEOs and which article/study/data set made the finding
How many Engineers does it take to change a lightbulb?
Six: One to hold the bulb and five to argue about how to rotate it on this side of the Equator.
Several videos are promoting this idea and the flaw in them all is that there is no corporate ladder to climb to CEO. Just do whatever education interests you and set up a company by yourself. Now you're a CEO.
I LOLed at 11:30 - that was *exactly* my path up the ladder, topping out of VP before I retired at 50. Same job titles and all.
Great video! The engineering mindset is really useful for optimizing processes and thinking structured and even more so if you're doing anything within the industry
Basically being smart. STEM majors have higher IQs than other majors on average. There was a study done on this in colleges.
Nah I’m solid with the $130,000 outlook for data scientist or the $120,000 outlook for electrical engineer. But, very interesting video and so I subbed. Looks like you put in a lot of work into this :)
i dont like the investment banking route because an engineer might get paid better for the first 5-10 years, works literally half of the time and it is less risky
The only and only thing that makes sense is how you market yourself. As the value to add to yourself is one of the key cuts that can make you the top notch person.
Shows Elon Musk, a man without an engineering degree, to showcase CEOs with engineering degrees lmfao
Elon doesn’t have an engineering degree, but has self taught himself engineering. In my opinion that’s much more impressive than one with an engineering degree. A degree gives you authority and credibility, also it makes the knowledge easier to learn however it’s not to say that you can’t learn anything without university.
@@McFlashhhe didn't teach himself squat
This would be a great video if I could have come across it 20 years ago. Now I became established, but took a long path
Honestly I’d rather not to. It sounds like a lot of pressure hard work and time wasted just to be dragged along and make money I wouldn’t even know how to spend. I’m genuinely content with a “mediocre” life no matter how unglamorous it is in this day and age
Me too man. I’m happy with my very flexible and well paying (for the average person) engineering job. I don’t need much more than I have and the family time I get to enjoy is better than the extra money I could earn.
Becoming an entrepreneur involves gambling, sometimes it's better to become an employee and climb the management ladder.
Damn, a CNBC reporter’s salary is only 85k/year? I’d have guessed it to at least be in the low to mid 100k range.
That shot at DeVry reminds of Titan Maximum.
I'll mention this book in my autobiography in the future
I find it strange how people get so mad at our brilliant business leaders that make 1-10 million $ a year building and growing companies that grow our economy and stock market for everyone’s shared retirement. But then they’re cool with Lebron making $200 million a year or Messi making $400 million a year.
How does he not know what the difference between a stock and an option is?
Thank you.
Okay, 7:30
Talking about people who chose to study engineering and putting up an image of musk is all sorts of wrongs, not to mention "physicist" in the description.
He is neither engineer nor physicist.
I like how this sounds like some money making strat for some video game
Excellent and thorough, as usual. Personally, I'd never be willing to pay the toll that would all take on my family, relationships, healthy, etc. If I had some amazing, innovative product I believed in, then that might make me want to start my own company but attempting to work my way up somebody else's ladder sounds like a rat race. Eye-opening video!
at the end of the day, I dont think money is the deciding factor anymore because, as stated here often, with the role comes the responsibility and the pressure. and people who have the chance of taking such role are super loaded with cash already by the time that they qualify.
This channel is a gold mine
Thank you very much to share this content. I've followed you!
The best way to become a CEO is to start your own business.
Well this channel says otherwise
Another thing that i’ve noticed with european CEOs is that they have often worked in multiple countries
Was the first 4 minutes of this an ad for a mattress?
If you want to become ceo , start a company.
There's a whole class of involuntary entrepreneurs who are just freelancers with a different job title.
“The average net worth of the first 2,200 microsoft employees was over $10 million.” It has to be much higher considering the average net worth of Bill Gates and 2,199 homeless people is $45.9 million.
I don't think he considered Bill Gates as an employee because he was the founder and owner of the company, after all.
Energy is the new Tech. That's where you need to be and yes engineering is a great start.
What's the best major for that? Petroleum engineering? Or nuclear?
I'm always worried whenever it looks like finance is turning into a bloated overhang on top of manufacturing and industry.
As an engineering student this gave me some hope, but on the downside I doubt I'll ever get into Harvard...
Good video!!! Very engaging... With the current market situation, the best investment one can make right now is to invest in the Forex market, although stocks are good, but since I switched to Forex, I 've seen so much difference in my finances
Inflation is killing my budget and my salary. I can no longer invest in the financial market and it seems that I will have to sell all my risky assets to keep my head above water. What's the best advice right now?
Investing in risky assets (stocks, crypto, forex, etc.) is easier with professional advice, especially an investment advisor, it really helps reduce the risk of incurring losses
I had this experience during the last downturn and I thought I had lost everything but thanks to Ms. Jennifer Marie Ferguson who is my financial advisor, I recovered all my losses.
Stop managing your portfolio and write to her while you keep losing money, she's a trading pro. It will help you win passively.
With everything going on right now, the best decision is to have a profitable investment strategy. Stocks and crypto are good, but forex is the best.
I am a BS in computer science graduate and I want to go back to school to get a engineering degree. What should I do?
OK but how do I beat the other 25 million people trying to do the same thing as me, and 8 million of them are smarter and work harder than me
you dont have to beat them to make it
At that level it’s more about connections and correct (and lucky) timing than working harder or being smarter.
meth
Get smarter. Work harder.
@@FictionHubZA fr ppl weird af dont wanna grind but sit around and cry
2:00 bruh, are you really selling me a mattress? Lol. Love your videos btw. Huge fan!
7:28-Well,i'm thinking like that.
Corporate top,here i come!
I'd rather be stressed starting my own business than for someone else.
Also businesses fail cot you can also be terminated from a job at any time
0:27 She makes around 86k in NY
That's rough!
Meanwhile avoid having a family at the same time. Simply abusive to people you’ve vowed to cherish. Marry later in life - once this priority is out of the way.
Step one have rich and already influential parents
Step two - go to good schools and higher educations
Step 3 sell your soul
Step 4 profit
Forgot step 3.5: step on OTHERS’ necks and sell THEIR souls too, to further strengthen your pact with the devil
Step 5 call yourself self made and sell the mythos to impressionable people.
Step 5 : tell people how everything can be achieved by hardwork and consistency
Step 6: Write a book about your success and profit more
@@creatorbens I agree . But I am talking about ultra rich people.
Yeah but anyone can earn some millions by hardwork and consistency and live a good life.
Thanks for such a detailed reply
I studied Engineering. I chose it not just for financial security, but because I like applying math and science. But I also don't have many good "people skills", which means that I'm not interested in working in any kind of management role. I remember being really, really frustrated because whenever I went to job fairs, the jobs available usually sounded more like a management position than any thing actually using my engineering skills. And the few jobs that didn't sound like just middle-management were asking for specific specialties than what I was getting my degree in. (I studied Mechanical Engineering, but in hind-site I should have done either Electrical, Computer science, or Aerospace)
Of course, I'm currently basically living paycheck-to-paycheck using basic computer skills in a mind-numbing job, so I'm probably not a good financial adviser. I'd say I should have bit the bullet and applied to a middle-management position... except more experience is proven just how HORRIBLE I am at managing people.
Mechanical engineering is powerful, in that it's probably the most broad degree you can get. It doesn't take a massive amount of work for a mechanical engineering to learn electrical, computer, or aerospace engineering. As a lot of the foundational knowlege is already there. It would be much more difficult for a CS major to become a mechanical engineer.
I love how you did this...
Could you do one for cmo???
im happy as a engineering major
Rivian trucks are pretty cool. I have seen one irl and it looked clean.
This is the path that you would have needed to follow in order to be a CEO now, but is it also the path that a teenager who is now in highschool should follow?
unfair!! did i heard it correct 1:39. It aint unfair he is doing work and taking risk worth that much
If you're into getting a peek into the world of powerful CEOs, I just finished "The Hidden Empire: Inside the Private Worlds of Elite CEOs" by Adam Skylight. Totally worth the read.
I dont really care to go down this route, I'ma stick to becoming an author and photographer. Then one day start my own hotel.
2:11 great clip
If i manage to start a successful company all by myself i don't see why i should ever make it public.
Anyone can be a CEO....just not necessarily of a successful company.
This is incredible
Trust me you really don’t want to be a CEO when u become one u just want to live a stress free fun life without responsibilities. All you want is money without doing anything so just invest get dividends and live your life doing actually what u want to do And for you if “whatever you want to do” means to become a CEO then become CEO. At the top there’s no boss and helping hand decisions are yours as well as consequences doesn’t matter whether it’s done for good or for bad.