throwawaycorporate wrote: ↑Fri Sep 22, 2023 1:20 pm
If you invest $160K at 18 and let it compile for 47 years at 8% (under historical average) it will be worth over $5M for retirement.
That's assuming someone has $160,000 at 18 years old to invest for retirement, but you forgot what they'd do for income in the mean time. Still going to need to pony up more money for a higher education like college or university to land a well-paying job.
You can't feed and hose yourself for 47 years on money invested for retirement.
There are lots of options for sure.
ATC - paid training, over 100K to start as an example staying within the industry.
There's also sales, police/firefighter, trades, construction, etc
Personally if I had 160K at 18 I would be a ski instructor or dive instructor
DanWEC wrote: ↑Sat Sep 16, 2023 3:30 pm
It really is a drop in the bucket right now, compared to the need to hire 100-150 pilots every year. But when hiring inevitably slows down it might be a great way to get in. Remember what it was like 20 year ago? No job ads anywhere.
On the flip side, it still doesn't necessarily address the REAL problem of attraction and retention, just avoids it more.
On a side note, how do these cadet programs address upgrades? At our 400 hrs a year it could take 10 years to be upgradable.
They have to keep diversifying the hiring pool. They will have to find a way to keep attracting and retaining higher time pilots. At some point when growth target is reached you're mostly dealing with retirements, I would expect we have enough experience in house by then.
Is there a list of requirements one must have before upgrading or bidding a command position at Transat? Or is it strictly seniority based? 400 hrs a year isn’t much at all, sounds nice haha
DanWEC wrote: ↑Sat Sep 16, 2023 3:30 pm
It really is a drop in the bucket right now, compared to the need to hire 100-150 pilots every year. But when hiring inevitably slows down it might be a great way to get in. Remember what it was like 20 year ago? No job ads anywhere.
On the flip side, it still doesn't necessarily address the REAL problem of attraction and retention, just avoids it more.
On a side note, how do these cadet programs address upgrades? At our 400 hrs a year it could take 10 years to be upgradable.
They have to keep diversifying the hiring pool. They will have to find a way to keep attracting and retaining higher time pilots. At some point when growth target is reached you're mostly dealing with retirements, I would expect we have enough experience in house by then.
Is there a list of requirements one must have before upgrading or bidding a command position at Transat? Or is it strictly seniority based? 400 hrs a year isn’t much at all, sounds nice haha
It's by seniority for candidates with the upgrade minimums, not sure what it is anymore but was 4000 at some point, and with a positive upgrade evaluation. The evaluation is a review of your training and employee file. That will either trigger a yes, no or maybe. If it's maybe you have to either do a line check or they'll monitor your next sim training. It can even be both in certain circumstances.
400 hours per year is low, my average is more in the 600-700.
They have to keep diversifying the hiring pool. They will have to find a way to keep attracting and retaining higher time pilots. At some point when growth target is reached you're mostly dealing with retirements, I would expect we have enough experience in house by then.
Is there a list of requirements one must have before upgrading or bidding a command position at Transat? Or is it strictly seniority based? 400 hrs a year isn’t much at all, sounds nice haha
It's by seniority for candidates with the upgrade minimums, not sure what it is anymore but was 4000 at some point, and with a positive upgrade evaluation. The evaluation is a review of your training and employee file. That will either trigger a yes, no or maybe. If it's maybe you have to either do a line check or they'll monitor your next sim training. It can even be both in certain circumstances.
400 hours per year is low, my average is more in the 600-700.
They have to keep diversifying the hiring pool. They will have to find a way to keep attracting and retaining higher time pilots. At some point when growth target is reached you're mostly dealing with retirements, I would expect we have enough experience in house by then.
Is there a list of requirements one must have before upgrading or bidding a command position at Transat? Or is it strictly seniority based? 400 hrs a year isn’t much at all, sounds nice haha
It's by seniority for candidates with the upgrade minimums, not sure what it is anymore but was 4000 at some point, and with a positive upgrade evaluation. The evaluation is a review of your training and employee file. That will either trigger a yes, no or maybe. If it's maybe you have to either do a line check or they'll monitor your next sim training. It can even be both in certain circumstances.
400 hours per year is low, my average is more in the 600-700.
4000 hours? 7000 hours in the OM. Could go down to 5000 with manager approval. That’s what it was a few years ago anyway. I wouldn’t be surprised if it’s changed since though.
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Cavalier44 wrote: ↑Fri Sep 22, 2023 9:44 am
Like the Flair pilot program and the Jazz Approach program, I just don't understand who the target market for this type of cadet program is supposed to be. How many 17/18-year-olds have access to $160,000 to pay for such a program in today's economy? Even with assistance from the bank of Mom and Dad, that's an awful lot of money. Are they banking on international students filling out the majority of the positions?
What's the first-year FO pay at Air Transat - $64k/year? How long will it take you to make a return on your investment?
If you take what I paid for flight training and a college diploma in the 90's and adjust it for inflation, this is about 40 grand more than I paid, give or take a few bucks. Now, if you had the fountain of youth, and offered my my 20's and 30's that I spent chasing this seat back for 40 grand, I'd be on my way to the bank right now. Sure it built character, whatever. A seat in a 737 straight out of school, no eating shit for 30 k a year up north? No paying 6 grand for an instructor rating for a job that pays 14 grand a year?
Remember with the Jazz program, you have to have an undergraduate degree in hand to apply. Those don't come cheap...
I think a CAE ran program is going to be fantastic and your going to become a quality pilot coming out of the program. But anyone doing training in the US should be aware that parts of the program syllabus may or may not have 2 pilots logging PIC at the same time, allowable up to 50hrs I believe (please crosscheck). Transport Canada will recognize your CPL conversion, but when it comes time for your Transport Canada ATPL application, depending on how you document your PIC time, may not recognize a portion of your PIC time. This means even if you get PICUS with an airline in Canada you might be short a significant amount of hours you need to find a way to build yourself.
I still think its a good deal, but people should be informed so they can ask the right questions to the program administration so they can make an informed decision for themselves.
