Management jobs are typically associated with a higher level of responsibility, more interesting work, a higher pay check and more social prestige, but also to a larger commitment, longer work hours and less time for family and leisure as well as more stress compared to non-management jobs. This study investigates the impacts of a management position on satisfaction with life in general, often causally called happiness, job satisfaction as well as satisfaction with the financial situation. In particular, the paper also explores potential differences between men and women in this respect. We use data from the Swiss Houshehold Panel (SHP) up to the year 2017 and estimate ordinal generalized linear models (OGLM) in order to explain the different satisfaction variables by work-related, person-specific, and integration-specific factors. Also, we suggest a new approach to control for reverse causality. In contrast to other studies, we find that management positions do not only increase the overall subjective well-being for men, but also for women. Interferences between work and private life decrease the subjective well-being overall, but men in management positions additionally witness negative effects from these interferences, while women in management position seem to be more stress-resistant. Our findings reveal some fundamental differences between men and women with respect to person- and job-related factors affecting satisfaction with life in general as well as with the professional situation. Also, the results point to the existing and still largely unexploited potential of having women in management positions.