Thanks for all the responses.
Here's an idea what to expect in a professional pilot career. Your success may vary, but it probably won't vary that much.
Originally Posted by daytonaflyer
-Career years 1-2:
Flight instructing/banner towing/traffic watch/tour pilot/etc.
Average salary $12,000 to $22,000/year.
-Career years 3-5
First officer at a regional airline or small turbine 135 operator. Upgrade times vary greatly and change constantly.
Average salary= $18,000 to $40,000/year
-Career years 4-7
Captain at a regional airline or small turbine 135 operator.
Average salary= $45,000 to $65,000/year
-Career years 8-12
FO at a major, national, or fractional. Average upgrade 3 to 9 years, but may vary greatly.
Average salary= $30,000 to $70,000
-Career years 12-20+ (times also vary greatly)
Captain at a major/national airline, or fractional.
Average salary= $80,000 to "the salary most people think pilots make".
Having solid personal and business connections and a bit of good luck will help make your professional pilot career better than others. Higher education doesn't help that much in this career.
Are these year estimates cumulative or not? For example, under "Career years 1-2 (instructing)" and "Career years 3-5 (FO at a regional)," does that mean that I would be FO-ing at a regional for 3-5 years total, or does that mean that I would be flying for a regional after flying for 3 years and fly as an FO for another 2 years (avg.)?
After checking the airline profiles last night I've decided that Southwest would be my best choice as an airline to aim for. Obviously I'd apply to others but I'm planning on focusing on Southwest. 2 reasons: better pay and job security. The industry may be turbulent and downright ugly but the Big 6 will all die before Southwest ever does. I imagine they will experience some kind of loss but their model is such that it would be very hard to kill them entirely.
Also, what are you all hearing about the upcoming "pilot shortage"? Will it be that significant? I've heard that around 2012 many pilots will have to retire and there will be a great need for replacements. Or will the "Age 65" dilemna postpone or eliminate this shortage? Will regional airlines become more desperate for pilots and raise wages in response?