WHEN and IF hiring ever starts again the fact that you don't have it will put you at a significant disadvantage. So much so that you will probably get stuck at a commuter.
That being said the really big picture shot with a wide angle lens over the last 20 years shows the airline pilot wannabe minimum requirements have drastically declined (along with pay..... hence they cannot be so selective).
Great news if you didn't meet one of the "old school" requirements. Bad news if you thought the career going forward was going to pay more than a plumber.
Old school, heavy iron you needed: (some unwritten but none the less required or it was a very long shot)
(1) 4 year degree
(2) Military Flight training
(3) 20/20 vision
(4) psych testing
(5) aptitude testing
(6) company physical exam
(7) height / weight limits
(8) ATP MEL
(9) FEW or rating
(10) Big fat log with jet time
(11) subjective interview evaluation 100 times more stringent than today, (how is this guy going to look in our uniform.... Cary Grant... hired... or... next)
Many remnants from the above list remain but are only a shadow of their former self. Without taking a position good/bad on the ramifications of those changes I will simply point out a couple facts:
All of the requirements have been reduced over the long haul. Perhaps in conjunction with a community college MPL program we will see the 4 year requirement go away in the future.
By casting a wider net many more people are now able to do the job. As a result the supply of pilots is now, for all practical purposes, and with MPL, unlimited. This is why "It's not your father's airline pilot paycheck". And, it's why looking forward pay is going to continue down. Big time after MPL hits the US.
If you are just starting out, don't ever say 30 years from now you were never warned the career would not pay off financially.
You just were.
