Education and debt
 

Food for thought...

Best and worst careers to go into debt for - MarketWatch

Here is the particular excerpt I find interesting;
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Reporter

Journalists can start digging up stories as soon as they’re out of school, but digging themselves out of debt could take longer to accomplish. With a median salary of $37,090, or a third of the average pay enjoyed by their counterparts in marketing, reporters could be paying student loans for 32 years before they’re done, the site estimates.
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Suffice it to say, I know someone who majored in mass communications with an emphasis in written media (newspapers and such). That person did not pay even *remotely* close to what an "average" pilot does between college and training, and yet what does the reporter's salary look like? :eek:

Degree in Mass Communication = at least a 4 year degree.
Entry level airline pilot (in the past!) = 6-8 months possibily :eek:

Now - entry level MAJOR airline salary (let's say that requires a 4 year degree) and compared to the report's starting wage still isn't that great; but what is the salary progression by year 5?

Cost of entry?
Known (at least closely) at the start and decided that it is worth it.
No accounting for decision making.
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Parts of the article that I found interesting:
Some should be explaining the outpaced COST of college and yes - the *value* of geting a degree in the first place. I'm very interested in the skilled trades right now.

Now nothing like a little exaggeration in the tagline to grab the reader's attention!
yes - ranges in salaries, and the financial responsibility by the parties after school will play a large part in the eventual outcomes of these *studies*

I've been saying it alot in other threads - but once again - knowledge of what you are getting yourself into when you chose any particular profession - not just aviation:
Of the conditions that must be looked at when we read such article though is the median salaries that the article porposes. We've seen how far off they can be when mentioning airline pilot pay.

But an entry-level regional pilot is effectively still just a trainee or apprentice, you have to consider the whole training and OJT package...

Call it one year for ratings (you pretty much need instructor ratings now, in order to build time).

2-3 years CFI to build 1500 hours
0-1 year part 135 (XC, Turbine, Wx)
3-5 years Regional FO

Now you're a regional CA, making $70K...it took about seven years with no degree. But you're not upwardly mobile.


See above. Add four years for degree, plus 2-3 years as a regional CA to build TPIC and now you're finally ready for the majors...13 years later.

So it really takes 17 years to get to that five-year salary scale on the civilian track.

Military track is similar: 4 years college + ten years AD obligation and you're looking again at 19 years to that five-year scale. Of course military pay and benefits along the way are much better.



Especially aviation.

The reason I posted the article wasn't because there is an apples to apples comparison, but some financial food for thought. The salary for the reporter is about regional FO pay, and almost certainly the financial input to become a reporter is *much* less.

I'm not trying to urge people not to fly professionally, but rather think about the implications of the debt they are potentially taking on.

Negative. An entry level airline pilot is an airline pilot - and if comparing entry level wages then you can't add on extras layers of experience.

That's the way it should be but it's not the way it is.

Nobody who pursues an airline career views regional FO as a destination job. The unions even title new hires "apprentice".

A med school graduate is a doctor, but they will spend 2-4 years as a resident and an additional couple of years for a fellowship if they specialize. During that time, they are making far less money than a regular doctor and their QOL sucks.

The big difference between my generation of civilian trained pilot and that of the guys who got in in the 90's and 2000's is that we had much less debt. It wasn't because we were smarter or better, it was because we had to work our way up through the ranks to get 1500 or more before we could even get the regional job. The go slow helped us work our way through the costs. The guys later on got sucked into the quick pilot mill that required all costs to be paid at once. Hence, many went into debt.

With the 1500 rule, it will be interesting to see if debt drops for new hires. They will have to work to get the hours and it will allow much of that debt to be paid down.

Something else to factor in is the cost of not really paying on those loans while building hours and the first year or two of regional pay.

Best return on investment and time ?

Associates Degree for Radiation Therapist

Top 20 Allied Healthcare Jobs and Salaries | HEALTHeCAREERS

Radiation Therapist Salary | Indeed.com

77K

Heck I might even knock one out just in case I need to pay the bills