Andy,
For a grad entering the airlines your looking towards the officed based side of our industry, technical sevices, tech records, maint planning, dev engineering, thease sort of areas. Many airlines do recruit such people although im not fully aware of how often they do.
Actual hands on working on aircraft your degree will be as much use as tits on a nun. Many of my friends have 1st class hons from city and kingston, but they all still have the required EASA pt 66 licence.
Now for yourself with aspirations of becomming a pilot id steer well clear of studying for the pt 66 licence and try to hunt out a good graduate programme with and airline or aerospace company. Im not up to speed on thease. 2 friends have just completed there programme with Virgin and are now qualified development engineers. They have 1st class hons from city uni.
so there are jobs out there your just gonna be a small fish in a very large pond im afraid.
What i can say 5 years is not much in engineering, maybe compleate a grad programme in 3 i think, certainly not a licenced route, takes around 4 years to get licenced and thats the quick way by going to an approved training school. Even then your not very expirienced, like me currently 8 years, 2 years fully licenced and still learning my trade. you never really stop.
Well hope my ramblings are usefull somhow.
Cheers
Stu.