The Career Strategy for DAX Board Members: An evaluation of the CVs of DAX board members reveals that there is a strategy that increases the chances of advancing into this elite group. Early career steps are crucial, and factors such as field of study and international experience also play an important role.

The Handelsblatt has evaluated the resumes of 231 board members to determine the factors that make up the success formula for the current generation of executives.

The results of the analysis show that ascending into the DAX club is not left to chance. Instead, there are specific educational and career strategies that facilitate the path into top management. This formula is not only of interest to those who aim to join the executive board themselves but can also be helpful at earlier career stages.

Another finding is that there is no universal formula that applies to every executive board position. Rather, it depends on the specific task as to which factors are decisive in filling the board positions. However, the evaluation clearly shows that there are certain patterns and similarities in the resumes of the DAX executive board members.

An Example of a Successful Career Path is Manfred Knof. He Made it from the Private Customer Sector of Deutsche Bank to the Top of Commerzbank. His Rise is Unusual in Several Ways: He Came from the Outside, Skipped the Level of a Simple Board Member, and Comes from a Modest Background.

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Fields of study also play an important role in the rise to success. While law used to be considered a guarantee of success, today it is economics and especially computer science that are in demand. There are also differences between genders: many executives have a doctoral degree, but this is less important for women.

The analysis of the resumes also shows that professional experience abroad and at consulting firms like McKinsey & Co. is advantageous. Patterns also emerge here: One in five Dax board members comes from a management consultancy.

Yet Ultimately, One Cannot Plan a Career as a Top Manager Down to the Last Detail. Performance, but also Luck and a Bit of Chance Play a Role, Insiders Emphasize. Nevertheless, Analyzing Resumes Provides Valuable Insights into the Success Formula for DAX Executive Board Members.

To meet the current changes in the economy, career advancement strategies must also adapt. In the future, knowledge in the fields of IT, digitalization, and artificial intelligence will likely become increasingly important, and academic programs in these areas will be in higher demand.

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"A good example of this is Thomas Saueressig, who at just 38 years old is the youngest executive board member in the DAX. He took the right path with his dual study program in business informatics and has developed a passion for IT and business since his childhood."

The Successful Career Paths of Five DAX Board Members from Different Sectors Highlight the Key Factors for Climbing the Ladder. The career strategy for DAX board members is complex, but an analysis of their CVs shows that targeted educational and career planning can at least make the path to top management more likely. And even though there is no universal formula, knowing the success factors from previous career stages can prove useful.

The Golden Keys that are handed over to the CEOs at Commerzbank symbolize the entry into this powerful club. Together, the DAX board members are responsible for 1.8 trillion euros in sales and lead four million employees worldwide.

But how does one become a member of this elite group?

Handelsblatt Analyzes the Resumes of Executive Board Members and Consults with Experts and Executives to Decipher the Success Formula for DAX Board Members.

The career on the board of a DAX company is a dream for many ambitious executives.

But what are the key factors that enable the rise to the top management level?

A study has dealt with this question and provided interesting insights. In this context, there are several career factors that prove to be true success factors.

A Sought-After Career Factor is Professional Experience as a Management Consultant. According to the study, around 20% of DAX board members have gained experience at consultancies, with half of them having worked at the prestigious consulting firm McKinsey.

The reason for this is clear: Consultants acquire systematic management tools, so-called "practices," in addition to an excellent education. They are experienced in dealing with executive suites and have a high ability to present and assert themselves in various situations.

However, it is also known that consultants often have below-average characteristics such as social conformity or empathy. Nevertheless, it must be emphasized: An early career stage at a major consulting firm is a reliable career booster.

Another key career factor is international experience - however, it must be put to proper use. Almost a third of DAX board members have an (additional) university degree from abroad, most commonly an MBA from a European or US university.

Additionally, half of the executive board members have worked abroad. Headhunters recommend integrating a stint abroad into one's career early on, but not without a clear plan and clear expectations with the management. Otherwise, the supposed career boost can quickly become a setback.

CEOs Also Warn About the Risks of an International Assignment: There is a risk of being overlooked or working in a market that is not as successful as hoped. Therefore, it is important to maintain visibility at the company headquarters during the stay abroad and to keep in touch with patrons.

It can even be advantageous to gain experience in challenging markets.

It is considered essential: A period abroad during studies and/or career is a must, but should be undertaken as part of a planned personnel development to prevent being forgotten.

Another important development in the DAX executive boards is the rise of women and the acceptance of diversity. The proportion of women on the executive boards is now at 23.4% – however, this change has mostly not occurred voluntarily.

Societal pressure and legal requirements have led to an increasing number of women on executive boards. Yet, women are often still confined to the HR department, and there remains the concern that the proportion of women may soon stagnate.

Market Volatility Further Reinforces This Trend as Similar Resumes are Often Favored in Uncertain Times. However, a Diverse Composition of Executive Teams is Particularly Beneficial During Times of Crisis. Moreover, the Internationalization of Executive Boards is Advancing: Nearly One Third of Board Members Now Have a Nationality Other Than German.

The openness to regional diversity and the search for the best talents from various countries are becoming increasingly important. However, cultural and linguistic commonalities should not be neglected. At the center is always the desire for the perfect career.

Yet there is not the one, success-bringing career factor.

Rather, Various Factors Interact - Professional Experience as a Management Consultant, International Experience, and Openness to Diversity and Internationality. A Career in the DAX Executive Board is Not a Dead End, but Always Offers New Opportunities for Ambitious Executives.

In ten years, executive boards will face very different requirements, according to Joe Kaeser, CEO of Siemens AG: "The role of cognitive thinking will be greatly supported by artificial intelligence and will thus be less significant than before."

"In the future, affective values such as empathy, intuition, conscientiousness, perseverance, social conformity, commitment, and self-efficacy will be in demand," Kaeser continued.

But what does that mean exactly?

How does one learn skills such as empathy, conscientiousness, or conformity? And how does that fit together with classic management virtues like analytical strength, decisiveness, and assertiveness?

Experts agree: To be successful as a top manager in the future, one must be able to combine various qualities and use them as needed.

He or she must be able to endure contradictions and even use them productively.

An example of this is the right balance between closeness and distance in leadership teams. Klaus Schweinsberg, CEO advisor, often observes two extremes in executive teams and the teams working directly under them: On the one hand, there is the so-called "boys' locker room," where everyone is closely befriended and engages in joint activities such as skiing.

However, this can lead to "Group Think," in which the group makes poorer decisions due to strong cohesion. On the other hand, there are top management teams that consist of lone wolves who only focus on their own interests.

A good leader aspires for "maturity" in their inner circle instead. There is familiarity, but no chumminess, and there is room for disagreements.

To be successful as an executive, it is important to show interest and closeness without confusing friendship with professionalism. Equally crucial is the right balance between assertiveness and agreeableness.

According to the professor of human resource management, Anastasia Hermann, in ten years only gifted communicators will be found in the executive suites. Anyone who fails to motivate their team and gain their understanding for the changes will have poor prospects as an executive.

But how do you manage to implement changes without alienating the workforce? Silvia Hänig, head of the consulting firm for strategic communication iKOM Munich, advises to be familiar with the company's lived practices before making decisions and to identify potential conflicts.

Additionally, it is important to have meaningful arguments to dispel concerns and to define clear objectives before communicating. Because communication is not just the conversation with stakeholders, but begins already with the preparation of decisions.

An important skill for a successful executive board is also the ability to listen carefully, regardless of the hierarchy level. According to Joe Kaeser, the biggest mistake is not to address questions or not to listen. Another tightrope walk is the one between specialist and generalist.

Specialization, for example in the field of technology, is always sensible for an executive board. However, it is also important to know what you don't know and to utilize the expertise of the team.

In addition to communication and networking skills, the right balance between willingness to perform and self-care is crucial. According to CEO consultant Klaus Schweinsberg, it is important to focus on tasks that promise quick success in the first hundred days as a leader.

However, it is also important to take breaks and create space for things that are personally beneficial. Otherwise, there is a quick risk of overload and the loss of creativity and cognitive ability.

Overall, it is important for a top manager to be a master of tightrope walking in order to be successful. It's about finding the right balance between different characteristics and using them depending on the situation.

Communication, Networking, Self-Care, and Maintaining a Healthy Distance from the Team are Crucial for a Successful Career as an Executive.

Rising to Top Management Is Not Fully Plannable, Says CEO Consultant Klaus Schweinsberg. However, Individuals Who Progress in Terms of Personality Should Not Be Deterred from Going Abroad, Emphasizes the Management Expert. Matthias Scheiff of Russell Reynolds Also Warns Against Clinging to a Rigid Career Plan, as There Are Too Many Uncertainties.

Siemens Healthineers Executive Board Member Elisabeth Staudinger is an example of a top manager who did not reach the top of the company through meticulous planning. She always followed her gut feeling when making important decisions and emphasizes that it's important to view each career step as personal enrichment, not just as a transitional phase on the way to a potential goal.

SAP Executive Board Member Thomas Saueressig Admits That His Impressive Resume Was Not Part of an Explicit Plan to Become a DAX Executive. Although he recognized his potential early on and received a great deal of trust from supporters, luck is also an important factor in attaining such a position.

Schweinsberg Emphasizes That International Experience Can Be Both an Opportunity and a Dead End. In the past, executives in top positions often worked close to the corporate headquarters. Nevertheless, he recommends going abroad if it is beneficial for personal development and imparts new skills.

Scheiff Warns Against Clinging to the Promotional Formula as It Increases the Chances of a Board-Level Career, Yet Only a Small Percentage of Former Consultants with Business Degrees and the Right Soft Skills Make It to Corporate Executive Boards. Therefore, It Is Important to Consider Each Career Stage as Interesting and Personally Enriching Rather Than Merely a Transitory Phase on the Path to a Potential Goal.

Overall, it is important to plan strategically, but also to remain flexible and seize opportunities in order to succeed in reaching the top of the company. Meticulous planning alone is often not enough, as too many unpredictable factors can influence the career path.

Ultimately, it is important to view all career steps as valuable experiences and to continuously develop oneself - because a DAX executive board position is never guaranteed.