Whether through individual investments or managed retirement plans, most pilots have suffered some sort of stock market loss. We feel less financially secure as we watch the value of our retirement accounts shrink. Moreover, we are learning first-hand how financial security is a bit like oxygen in the air we breathe—not really noticed until we begin to lose it—and once that occurs, there’s nothing else for us think about.

It’s important, though, to remember the cyclical nature of our economy and the airline business. Recession, industry turbulence, and consolidation followed by rising load factors and recovering profits are a reality of life. Since World War II, the U.S. economy has suffered through nine recessions and many other economic shocks; however, corporate profits and stock market indices have consistently grown nine to 10 percent annually. This rate of growth may seem rather modest when compared with some high-flying stock market sectors in the mid- to late-‘90s, but even nine percent annual growth means profits and stock values double approximately every seven years. In other words, your retirement accounts will recover; but it won’t happen tomorrow.

Those pilots who decide to transition to major airline flying from military service and other aviation sectors during these uncertain times will best be positioned to benefit when large numbers of new, more junior pilots eventually join the ranks of the major airlines.

But if you’re currently considering a transition to major airline flying, it’s reasonable to be somewhat cost constrained in your job search. However, with major airlines expected to hire no more than 600 new pilots this year and with increasing numbers of major airline pilots on furlough each month, it’s important for you to construct an aggressive marketing strategy and allocate sufficient financial capital to ensure a successful and expeditious airline transition.

Think of your job search expenses as an investment, and wise investing is best described as the commitment of capital for the long term. Most importantly, approach your airline job search in these challenging times as a full-time job itself.

First, let’s identify and estimate the required costs for a successful and expeditious airline transition. A successful airline transition begins 12 to 18 months before your expected availability date to start airline training.

At the risk of stating the obvious, your first investment should be AIR Inc.’s Airline Pilot Career Development System ($239.00 for both paper copies and Web access). Your one-year membership includes the Application Handbook, Pilot Career Guide, Airline Fleet and Simulator Directory, Pilot Resource Guide, U.S. Airlines Salary Survey, 12 Airline Pilot Job Monthly Newsletters, and 12 issues of Airline Pilot Careers magazine, plus unlimited career counseling on AIR Inc.’s toll-free line and discounts on other AIR Inc. products and services. This product line provides the complete range of information needed to organize your airline transition—from résumé construction, to interview techniques, company background information, monthly updates on hiring expectations, and demographic, experience, and qualification data on successful airline new-hires.

Career transitions, like all full-time jobs, require an office for you to work from, of either the virtual or traditional variety. An Internet-accessed computer provides a wonderful starting point for research and creating polished documents for delivery to potential employers.

Six to eight months before your expected transition date, you also should add a dedicated telephone line to support your job search process (approximately $30.00 per month). Now, some pilots will counter that a dedicated and professionally answered telephone line is an unnecessary extravagance, but consider the alternative. Has your teenager ever failed to give you a message? When was the last time a baby-sitter answered your home phone with a crying infant in his or her arms and somehow forgot to get a name and a number for you to return the call? And how about your well-intentioned, but aging parents—can you be sure they’ll accurately relay essential messages? Conceivably, any one of these common mistakes could cost you a multi-million-dollar career. Are you really willing to take that chance?

A dedicated phone line with automatic voice mail pick-up ensures all of your calls are professionally answered, guards against messages being missed, and allows you to retrieve phone messages during periods of travel and unexpected absences.

Moreover, a second phone line is a very useful tool for managing your availability to airline schedulers after you land your first airline job; if the schedulers can’t find you, they can’t spoil your day off. Conversely, if the schedulers call you on your home phone and get you on the line, then you may be going to work even though you had other plans.

In addition to a commercial license, ATP written, and possibly the FE written, most airlines require applicants to have a current FAA First-Class medical exam. The exam is good for six months and costs approximately $100 to $150. Complete this exam before you mail your first job applications, at least six months before your availability for airline training.

In addition to your First-Class medical, you’ll need copies of your undergraduate and graduate academic records, your state driving record(s), enforcement actions from the FAA Accident/Incident Data System, a current passport, and a copy of your driving record from the National Driver Register.

The National Driver Register web-site at www.nhtsa.dot.gov/people/perform/driver provides the request form for accessing your National Driver Register records at no cost and also contains links to state department of motor vehicle offices for ordering a copy of your state driving record. Expect states to charge a small fee for a seven- or 10-year copy of your driving history. Military officers should order state driving records from every state where they held a driver’s license.

You can order a free copy of your FAA Accident/Incident Data System enforcement action records with a written request to:

FAA Aviation Data Systems Branch, AFS-620, P.O. Box 25082, Oklahoma City, Oklahoma 73125. Your request must include your full name, date of birth, Social Security number, and airman certificate number, and it should take only about two weeks for you to receive the results. Further, remember to order a lifetime Restricted Radiotelephone Operator Permit from the FCC at 1270 Fairfield Road, Gettysburg, Pennsylvania 17325-7245.

Current passports can be renewed via snail-mail for $55, but new issue passports are $85 and must be applied for in person. Application forms and instructions are available at your local post office or State Department Counselor Office outside the United States. The payoff for you is an early decision on your application as most companies will not extend a job offer until their human resources department has reviewed these records. Also, reviewing your driving and FAA records ensures that no violations are misfiled under your name.

In the past, many companies charged application fees up to $100 to cover administrative processing costs and to make certain the applicant was serious in his or her interest in the job. Most companies have now eliminated or reduced their application fees, though, as an accommodation to applicants with limited financial resources. Still, plan on paying application fees of $50 or so at some companies.

As the window for your first airline job interview approaches, it’s important to prepare and rehearse, just as you would for any major test or evaluation. AIR Inc. offers a range of company-specific interview preparation services, either over the phone or in person at its headquarters in Atlanta. The hallmarks of a high-quality interview preparation session include a one- to two-hour videotaped practice interview and debriefing. The interview debriefing should include a detailed review of the video from your mock interview with recommendations to strengthen your performance. Costs range from $33 to $275 for AIR, Inc. members, with nominal increases in price for non-members.

Alternatively, there are several good books available to guide pilots through the technical or aviation-specific portions of the interview, as well as the HR or "getting to know you" aspect. For instance, AIR Inc. offers a two-volume set ($41)—Questions Questions and The Pilot’s Technical Interview Reference Manual—listing hundreds of questions, answers, and references for both the technical and human resources aspects of your airline job interview.

For military pilots, AIR, Inc. offers a Military-to-Airline Transition Guide ($9.95) and a CRM Intro/Refresher Workbook ($23). Two additional publications that are essential for military pilots not familiar with the details of civilian operations are the current year Federal Air Regulations and Aeronautical Information Manual. Again, AIR, Inc. offers a collection of the most pertinent FARs and AIM in one publication ($16), as well as the Jeppesen Supplement ($39), which provides an introduction to Jeppesen airways publications and 18 simulator check flight profiles in use by major, national, and regional airlines.

For pilots who want to take that extra step toward job-search success, there’s little more beneficial than attendance at an AIR Inc. Airline Pilot Career Seminar, Forum, and Job Fair ($185 or less if you sign up early for AIR, Inc. members). These pilot career seminars—the next one is Jan. 24-26, 2003, in Dallas, TX—bring together prospective airline pilots, career transition and pilot hiring experts, and representatives from dozens of air transport companies for three days of intense job-search and interview preparation.

Targeted workshops are available for military to airline transition, civilian to airline transition, crew resource management, interview survival, testing and simulator check flying, and résumé construction. General information sessions include a review of the seminar topics plus an industry update from AIR Inc. staff and airline representatives, plus the rare opportunity for direct contact with airline interviewers and pilot hiring decision makers. Some airlines even schedule interviews on the spot and some pilots have even reported ending the weekend with a job offer in hand.

Regardless, attending an AIR Inc. pilot career seminar will equip you with the motivation, information, and face-to-face contact you need to get the flying job you want in a tight job market. Attendees also are eligible to win door prizes such as type ratings from training companies like Aeroservice Aviation Center and Pan Am International Flight Academy, as well as free AIR, Inc. products and services.

No review of transition expenses is complete without a discussion of the potential value of a large transport category aircraft type rating, perhaps the ultimate in transition preparation.

This qualification, often completed in a Boeing 737-300 series flight simulator, identifies you as a serious and well-prepared airline job seeker. A B-737 type rating also qualifies you for an interview and employment at Southwest Airlines, a company with a 29-year history of profitability and that continues to hire pilots monthly.

Earning a B-737 type rating also has proven to be excellent preparation for an airline interview simulator check, which may just be the most important flight of your aviation career. Further, the type rating experience is particularly important for military aviators who may lack experience with the flight deck routine in a multi-pilot cockpit or the operating characteristics of a complex digital flight guidance system.

With average costs approaching $7,500, getting a type rating is not cheap. However, there are several programs that may defer a portion of your training, transportation, and lodging expenses. Current, former, and retired military officers may be eligible for flight training benefits under one of three programs administered by the Department of Veteran’s Affairs. Officers on active duty before January 1, 1977 or officers on active duty after June 30, 1985 and who contributed $100 per month for their first 12 months on active duty are eligible under the Montgomery GI Bill. Vietnam-era officers, officers on active duty after December 31, 1976, and surviving spouses, sons, and daughters of officers killed or disabled on active duty also may be eligible for reimbursement of up to 60 percent of allowable flight training expenses. Check the details at www.gibill.va.gov/education or call a VA benefits counselor at 1-888-GI-BILL-1.

Another possibility for furloughed pilots and former military pilots who are offered a flying job contingent upon successful comple tion of a specific aircraft type rating is to seek funding for flight training under the Workforce Investment Act (WIA), previously known as Job Training Partnership Benefits. The federal government allocates WIA funds for re-training of furloughed and displaced workers. These funds are administered by individual states, though, so eligibility requirements and funding levels vary from state to state. Any reputable flight-training school also should be able to help you obtain any VA or WIA benefits to which you may be entitled

The transition expenses summarized here may look a little foreboding for pilots on a tight budget. However, most of these expenses are tax deductible and will be recovered in your first 10 days on an airline payroll. Think of it this way; the time you gain in getting hired just a month earlier might put $3,000 in your pocket almost immediately, but 20 years down the road that extra month could be worth $20,000 or more! Also, one extra month of seniority may someday translate into an earlier promotion to wide-body first officer or narrow-body captain—easily worth many thousands of dollars in additional lifetime career earnings.

Think of these transition expenses as investments, and as being more important than a new suit, fancy stationary, or thank-you notes. Appearance and polish may break a tie, but preparation and substance will impress your interviewers every time. And as you allocate your financial resources and finalize your transition plan, remember the words of Lance Armstrong, cancer survivor and four-time winner of the Tour de France: "We all have unrealized capacities that sometimes only emerge in crisis."