As I see it and from my personal experience backed up by the feedback I have received from multiple airlines - the bad time to start was approximately two years ago. Or more precisely the bad time to be a new unemployed pilot is right at this very moment. If you have recently finished (within the last 6 months) and are still without a job there is virtually zero to none chance of getting hired into an airline in 2020 and most likely 2021. To sum up the experience of a rookie who has finished a few months ago and has a very solid CV plus all the bells and whistles (A-UPRT, JOC, PBN etc.) - the market is kind of dead at the moment and is becoming ever more quieter with every month. We have definitely left the 'good times' peak and are now on the other side of the curve beginning to accelerate towards the proverbial 'bottom' which I reckon will take at least a year or two to be reached if we take history as an example.
Nevertheless, potentially even during difficult times there might still be options to get a flying position in a non-airline area, such as becoming a flight instructor, towing banners, sky-diving pilot etc, areal photography etc. Basically, anything which will keep your flying current.
And finally, as others have already pointed out, the current situation should not deter anyone from starting the studies now. In two years time the market might be totally different. Yes, tough times might still prevail, but at least at that point the bottom of the market should be reached and a cautious growth phase might begin again. Personally, I'd say the best time to start would be within the next two years in order to be finished in four and catch the next wave up.
Last edited by wigbam; 5th Mar 2020 at 13:09.