I've wasted quite a bit of time in this proof and I'd like to know if I got the gist of it right. I'll only show one implication because the other one is true by definition.
(1) If $f$ is nilpotent, then it's not a monomorphism: if it were, then it would be an isomorphism (since it's a mapping between spaces of identical dimension). But given that isomorphisms preserve subspace structure, we have
$$\forall i \in \mathbb{N} \ \ \ \ \dim (\ker f^i)=0$$
which is inconsistent with our initial assumption.
(2) Having settled that $\dim (\ker f)\neq 0$, we try to prove that
$$\forall i \in \mathbb{N} \ \ \ \ \dim (\ker f^i) < \dim (\ker f^{i+1})$$
(unless they're both $n$). It's pretty clear that
$$\ker f^{i} \subset \ker f^{i+1} $$
(if $x \in \ker f^i, f^{i+1}(x)=f(f^i(x))=f(0)=0$). However
$$\ker f^{i+1} \subset \ker f^{i}$$
is not true. Let $x$ be such that $f^i(x)\in \ker f \setminus \{0\}$ (we know such an $x$ must exist because otherwise $f^i$ would be an isomorphism... how can I justify this better?). It follows that $x\neq0,x\not\in \ker f^i,x\in \ker f^{i+1}$. Hence, the dimensions of this sequence of kernels is strictly increasing. Since $n-1$ is an upper bound for this sequence, $f^n=0$.