Why become a pilot?
Why should I become a pilot?
Becoming a professional pilot could be the key to finding a career with the right job satisfaction, quality of life, and return on investment for you.
The first and foremost reason to become a pilot is the love of flying. This is the recipe for lifelong career success—getting paid to do what you love. Many pilots just love being in the air, following a precise process, and seeing the mechanics of flight in action. Another big advantage of becoming a pilot is never taking your work home with you. When you’re flying, you’re working, and when you’re at home, you can focus on your time off.
In addition, becoming a pilot can have a similar or better return on investment than other careers that require more school, more hours on the job, and in general, more stress! While pilots must earn their licenses and may also need a two- or four-year degree, they are able to start working and earning a return on their investment much more quickly than other specialized professions, such as doctors or lawyers. In fact, if you complete your flight training before college, you can gain flight hours and get paid for instructing while you’re in still in school.
Figure 1: Pilot Demand by Geography
One question you might want to ask is this: is now a good time to become a pilot? The short answer is an unequivocal YES. In fact, there has probably never been a better time to pursue a career as a professional pilot. Both in the United States and abroad, airlines are projected to hire 530,000 pilots in the next twenty years. (See Figure 1.) In the US, the airline industry has been successfully restructured and is now earning record profits, while the existing supply of pilots is disproportionately older and ready for retirement. For instance, the major US airlines – including Delta, American, and United – expect to lose roughly half (50%) of their pilots during the next two decades, leaving a shortage in pilots available to the industry that will only be addressed by new pilots entering the profession.
Not only are pilots in demand, but salary and remuneration packages are improving dramatically. Over the last two years, pilots at major US airlines have won large pay increases equal to 20% to 60% of recent historical wage levels. Captains of large jet aircraft will now earn an average of $262 per hour, plus health benefits, 401(k) contributions, and generous vacation allowances and time off. At certain US airlines, new hire pilots may also qualify for initial hiring bonuses of $6,000 to $15,000. The industry is sending a clear signal to prospective new pilots: enter the pilot workforce now and ride a wave of positive demand and pay changes that haven’t been seen in decades.
Figure 2: Average Hourly Compensation, Airline Pilots and STEM Occupations
But how does this compare to other career choices? Although averages never tell the whole story, airline pilots compare favorably to STEM fields and more than favorably to other occupations in the overall economy. For instance, based on data from the US government, the average airline pilot in 2013 earned more per hour and annually than physicists, software developers, mathematicians, engineers, financial managers, and teachers. (See Figure 2.) Moreover, airline pilots typically work fewer hours in a year, leaving generous free time for establishing a business, participating in family activities, and the like.
With any career track, there are costs associated with training and education. Doctors go to medical school, lawyers attend law school, and pilots must learn to fly. However, unlike many other professions, flight school is also some of the best fun imaginable! But what about the cost? Depending on how quickly a student learns and what type of training the student chooses, the cost for flight training ranges from just a few thousand dollars to nearly $80,000. Compared to other forms of technical or professional training, this cost is modest and the returns are generous. As a parent, you should know that pilots who complete training in the next few years will see a substantial return on their training investment as the US airline industry hires and promotes pilots at an accelerated pace.
Figure 3: Return on Investment – Lifetime Earnings vs. Training and Education Costs
Most major US airlines require pilots to hold a four-year degree in addition to pilot certificates. For that reason, students and parents would be wise to select four-year institutions likely to provide the best return on education costs. While some private aviation focused colleges may offer a recognized name-brand, that name often comes at a cost that may not offer additional returns as an airline pilot. It may in fact be preferable to attend a college with more “typical” costs, or even pursue “staged approach” in states like Tennessee which offer reduced or zero tuition for the first two years. As illustrated in Figure 3, pilots who spend $70,000 on professional flight training in addition to the cost of a four-year degree can expect to earn as much as $54 for every dollar spent in training and education. Even better, for students willing to earn their wings prior to entering a four-year institution, the returns may be better: a college-age pilot can actually earn cash and build flight time while instructing others during college. Ultimately, picking a career is a personal decision. If you have any questions about how being a pilot could work for you, please contact us!
This information is available because of a partnership between CTI Professional Flight Training and Flightpath Economics, LLC. Learn more about the pilot school return on investment here.
