A liquid starting mixture contains at least one fatty acid having 6 to 30 carbon atoms per molecule and per mole of fatty acid comprises 1.0 to 1.5 moles of fatty alcohol having 6 to 30 carbon atoms. An intermediate product which contains at least 50% by weight is prepared from the liquid starting product, which is passed at temperatures from about 120 to 320.degree. C. through a stirring zone and is sprayed and water vapor is removed. The intermediate product is hydrogenated to produce a raw product, which contains at least 75% by weight fatty alcohol. A partial stream which contains fatty alcohol is removed from the raw product and is added to the liquid starting mixture. The intermediate product which contains at least 50% by weight wax ester can be prepared without use of a solids containing catalyst.