My 'lower risk' master plan
I'm also in a similar situation as you guys. My heart says yes, though in the current economic climate my head says no. However, the situation we'll enter is so far off, I guess there's as much reason to continue as stop. I just think we need to minimise the risks and review the situation along the way. So this is my plan. For me, an integrated course would be a HUGE risk at this time. So I'm going modular and will maintain employment, at least for the first 10-12 months. So:
Gain PPL
Start hour building
ATPL's - Possibly get the first module during holidays from work, but will have to leave employment at some stage, so this will be the first check on the industry. Then:
CPL
MEPL
At this point, if it looks good, I'll go straight to IR/MCC then apply for airline jobs. More realistically, I'll take any job to build experience and contacts, most probably going down the FI route for 12-18months. If after this period, the situation is still not good, I'll return to my current career and just take part-time/weekend flying work to keep me current.
For me, the only constraint to this plan is the time period of 3 yrs for attaining the IR after the ATPL's, so at some stage a decision will need to be made as I wouldn't want to go though all the studying/cost again.
This to me looks like the least risky way forward. We also need to look on the bright side in that at least we've got something to fall back on. What's to say we (or any current airline pilot) will maintain a Class 1 medical through to retirement? Good luck to all and I'd appreciate any feedback on my intentions...many thanks in advance.