The regulation can be found under FAR Part 61.159(2) & (3). Here's the pertinent section -

(2) Flight-engineer time, provided the time—
(i) Is acquired in an airplane required to have a flight engineer by the airplane's flight manual or type certificate;
(ii) Is acquired while engaged in operations under part 121 of this chapter for which a flight engineer is required;
(iii) Is acquired while the person is participating in a pilot training program approved under part 121 of this chapter; and
(iv) Does not exceed more than 1 hour for each 3 hours of flight engineer flight time for a total credited time of no more than 500 hours.


Section (iii) of this part does raise my eyebrows. Does your potential employer have this "pilot training program approved under part 121" provision met?




I started out as a military FE - C-130 and C-141, currently a furloughed legacy airline guy. Although I consider the FE time as valuable, I've never gotten the sense that anybody whose interviewed me for a pilot position has considered it as anything other than "nice".



If you go for it, good luck and I hope it works out for you.