I was able to jump in the Direct Entry SO (DESO) pool in 2008. Ever since I've had 3 different compensation packages in front of me. Earlier this year, after 3 years swimming, I declined.

First offer was the "original", with full housing allowance (starts off @HK$24,000/mo, with gradual increases eventually up to ~HK$100,000/mo for captains), which made CX a very lucrative company to work for. Unfortunately, this package was the last sigh of the good ol' times.

After the global financial crisis, CX withdrew the original offer, and came back with a "reduced" offer, the same entry level cadet package that was offered to locals/HKG nationals - no housing allowance, at all. Once the market improved (CX made close to 1 billion USD in profit last year) CX came back and offered the package that is now on the table for all cadets (no more DESO scheme). One could argue that the current "improved" package with HK$10,000/mo "pilot allowance" is a direct result of the rumored acceptance rate of no more than 1 out of 60 DESO poolies taking the cadet offer at the time.

If you join CX with prior airline experience, you'll be on the short/accelerated cadet course. All cadets are granted a HK$1.1m loan out which your training will consume appx. HK$220,000 (zero-to-hero candidates will have used up all of their "loan" for their training). The rest, HK$880,000 is yours to keep as long as you serve a minimum of 6 years. Though initially it seems like a considerable boost to compensation, I can't help but to view it as nothing else than a bond.

As goes with any airline that you might join where you are on the new wave of lowered compensation/terms, you may question yourself why are you doing the same job for 40-50% less pay than your peers who joined just a few years earlier. This may, or may not, bother you in the end, as we all have different financial responsibilities and expectations.

I used to hold CX in high regard, with very high standards for hiring, training, equipment and so on. Most of it still stands, yet I can't say my 3 years swimming didn't leave a bitter taste in my mouth. In my opinion, for a pilot with prior airline experience, who would have to move to HKG for a minimum of a decade, CX's original compensation package was the only acceptable one; anything less than it, and you are haggling with a used-car salesman.

Know your worth.


edit:

1) yes, ALL candidates will be on the cadet track, regardless of prior level of experience. Only difference is the course length and loan amount at hand after training.

2) You will not be fully typed in the aircraft i.e. if you try to find a job beyond CX, very few int'l airlines will honor your SO flight hours; none in the U.S. You are not performing takeoffs nor landings, but only pilot-monitoring-duties at cruise at higher altitudes - you are a "cruise relief pilot".

3) HK$10,000 per month is an allowance to offset some of your rent/mortgage. However, it is not adequate to provide housing. Assuming you are used to an average US/EU lifestyle, you will pay around HK$25,000-30,000/month MINIMUM for a studio/1BR apartment in HKG.

4) Latest I know, ALL cadets will go to HKG. You will upgrade to Jr. FO in HKG. Once bases open, you are allowed to bid to your base of choice (US/EU/OZ) based on seniority - how quickly you may ask? Pick a number.