Once you have decided on a career as a professional pilot, the biggest initial challenge is financing your training. The final total cost should not be underestimated and a significant contingency budget should be allocated, as inevitably the training is going to cost more and take longer than originally anticipated.

Average training costs are currently between £80,000 – £120,000 but maybe more once ancillaries and extras are added.

Financing options will vary according to the type of course selected. Unless you are fortunate enough to have access to significant funds you will need to obtain some form of financing. In the current economic climate funding options are quite limited and generally security and/or guarantees are required. Here we outline the options available for each type of training option:

Financing the integrated and modular route

In the past HSBC, NatWest, and BBVA bank have offered professional development loans. However there are currently no banks offering loans for pilot training, necessitating the need for you to secure your own funding, unless you have managed to secure a place on one of the sponsored training courses.

However, modular training is generally cheaper and you can spread your training over a longer period of time, allowing you to work in between modules and keep debt to manageable levels. Depending on market conditions it may also be necessary to fund a type rating and or line training in order to get your first job. BALPA does not condone this trend or encourage anyone to follow this route.

Financing the MPL

The MPL is generally linked to a full or part sponsored programme with a specific airline and this sponsorship will generally cover at least half the cost of the course. Currently only a limited number of part sponsored opportunities are available and obviously competition for the positions is intense.

MPL training is always offered in conjunction with a partner airline, flying a specific type. Again, due to volatility in the market hiring requirements can change overnight and individuals can be at risk of not completing training, resulting in the need to re-train along a traditional path. In this circumstance a conversion to a standard ATPL (Frozen) licence can be completed, but will obviously incur further costs and delays.

Some training organisations may have relationships with banks or finance houses that could make access to funding easier; you should enquire when speaking to training organisations. When considering taking out a large loan, careful consideration should be given to your ability to repay the loan.

Repayments can be around £1,500 a month depending on the terms, and if employment is not secured immediately upon graduation a strategy needs to be in place to meet the obligation.

This is why back-up qualifications and skills are vital. Even if employment is secured, starting pay is often low and irregular, especially where an individual is offered only contract or ‘pay by the flight hour’ work. The increasing numbers of cadet contract pilots has already led to some bankruptcies, and we cannot stress highly enough how important careful financial planning is.

Ultimately a huge financial commitment is required. Salaries have been driven down in real terms over the years due to inflation. You must make a major decision as to whether the outlay and associated risks can be justified when measured against career potential and associated earnings.

“Full motion simulators recreate the aircraft’s performance and handling, allowing the trainee to experience its flight dynamics”