Direct copy and paste from my post from 'Rex Cadets'...
G'day All,
I've recently had a few PM's, and thought that I'd just copy paste one of my replies + a bit of editing to fit. Hope it helps, and others if there's anything below that is not quite right, then please correct. The 150hrs max ICUS logging be one that you pick me up on.
It's great to see plenty with this enthusiasm, and attitude towards this opportunity that you've made happen for yourself. Should you choose to go ahead with the cadet scheme, I think many will do really well for as long as the desire stays with them. This may also see you unstuck as well! The problem being is that while I can see plenty are trying to take on the advice from others, it's also hard to 'take the blinkers off' so to say and see things from a different light/direction.
I personally looked into the cadet scheme's when I was 17 also, but after talking with my peers (747/777 Captains through the gliding world) and seeing the price tags I decided to go the traditional route - plus it was going to be a lot more fun!
Just going on my experience and a few phone calls prior to answering your request, this is my and trusted friends views/comments/thoughts..
To log ICUS, you must first have a command endorsement on that particular type of aircraft. Each and every pilot who goes through the induction and flying training @ REX gets a command endorsement. "Great", I hear you say, the only problem is that you need an ATPL to fly an aircraft in Australia over 5700kg (with a very few exceptions, like a freight metro aircraft for example??).
My experience was this in REX. Started with the company with 465hrs of that was command multi-engine time under the IF Rules. I had zero ATPL subjects to my name.
I was not allowed to start my command training, until I had all my ATPL's completed (as that was all that I required to gain the license, seeing I already had the hourly minimums completed). So I hear you say, but you didn't have your 500Multi-Command. Quite correct, but I had a full ATPL and my command training would take me across the line by the end of my training.
I'm not sure of this, but think one is only allowed to log up to 150hrs ICUS towards his/hers 500MC..? As there was a case where a pilot from SA was allowed to do his command training starting with 350MC.
Another example, a very good friend of mine was not allowed to do his command training at REX until he had the hot little license in his hands. What was holding him back? He didn't have the 100hrs Night time to hold an ATPL. What did the company offer him? They requested him to pay (via a loan from REX) for 10hrs of night circuits in the cadets aircraft to get him the him the license so he could fly from the LHS.
So having said all that, and from my experience I don’t believe that you'll be able to get the command time up (that will be a killer, the night and instrument time wont be a problem as they all go towards your ATPL in the long run from the RHS).
How can you get your command time up to gain an ATPL? There is one option that I can see will work for you! You can log up to 750hrs of gliding time towards your ATPL . Join a gliding club, learn to glide (will be cheap after you get your license as you'll already know how to pole an aircraft around the sky) and accrue your hours that way.
So how will you get into the LHS @ REX? Well, who knows with that one. If they do the right thing by the cadets (ie, the ones with an ATPL) then you maybe able to do 500hours ICUS from the LHS with a training captain in the RHS (ie, fair dinkum ICUS, and not dodgy stuff) but only if the 150hrs ICUS thing I'm thinking about is false/doesn't apply.
Or they might shaft you, and say that they can't spare a training captain for 500hrs ICUS to get you the required hrs and therefore stay as FO for a friggin long time, if not indefinitely.
The cadet scheme will be sweet for some time, you'll get your license, get converted to the SF34 and fly the line, have a ball and make some good friends. What will get you down around year 3 of flying the line is you'll be thinking "hey, this isn't fair. I've been flying the SF34 for 3 years now busting my gut, I know the plane back to front. How the *&$# can joe blogs step over me when he's only got 1 year on type!?"
The problem of money will become an issue, it did for me. My first job was accommodation and breakfast, the rest was out of pocket. My 2nd job was accom, car and $100 a week. Third job $250wk + food, accom and a car. So on, so forth until I got into REX (year 5-6!) and was only paid $42k/yr + DTA to live in SY (the 3rd most expensive city in the world to live in). All my friends were earning more money than I was, enjoying more creature comforts, having what seemed a better time (partying, girls, holidays, etc) - my sister (3 years younger) has earnt more than me for my whole life, until now!
I had a wonderful time in REX, they will train you up brilliantly and prepare you for some more flying opportunities in the future. Like I said, the people were/are awesome and think it's the only thing that holds the place together. My time in REX was happy, though others live to complain and make it hard for those who enjoy what they do.
I was fortunate enough to have my parents pay for my training, but from there on it was up to me. You may not be in the same situation and this maybe the best opportunity for you now. Many others in the past slaved away with 2-3 jobs for 2-3years to pay for their licenses. So I can understand in wanting to get stuck into your license now, as it's just 'easier'. Though the penalty down the track may make it not worth it.
Hard one I know, but it'll be up to you to make that decision. Personally, if I could have my time over again from the present day. I'd do the same thing I did 6-7years ago, train at a flying school, go bush, have a blast, scare myself again, meet some mates and work myself up the food chain! I think the risk vs reward with the REX cadet scheme is too great.
My 2cents,
go_soaring! instead
P.s. What I really think will happen with the REX cadets is that they'll get 1500hrs co-pilot time, then apply to QF! The problem with this is that you'll have then put all your eggs into one basket. If QF don't take you on, then no other major will. The piston world probably wont be too keen on taking you either, as you'll 90% likely have forgotten how to operate them!?