Thanks everyone for your responses to my post. It's been interesting reading varying points of view with regards to my "problem".
As many of you identified, completing a Ph.D will in no way shape or form increase my chances of being accepted by a flying school or obtaining a job as a pilot in the future. I'm fully aware of this and this did not contribute towards my decision to do a Ph.D. Rather, my Ph.D would play the same role as a job in industry; provide me with some much needed cash and allow me to do something potentially useful with my time whilst the aviation industry recovers (hopefully). I'm happy that many of you think my Ph.D will not work against me.
Thanks to those who suggested that I look into obtaining my pilots licence following the modular route. I've got to admit that I hadn't considered this option. P1-FTE, I'm wondering if you could give me a bit more information about your experiences with following the modular route whilst holding down a job in the aerospace industry (I'm assuming this job was full-time)? How long did it take you to complete the training, starting right from the beginning?
I am seriously considering this option now, so long as I can sucessfully complete my training in close to 4 years time. It will be cheaper and doesn't require that I pay a massive sum up front. I can use the money I obtain from completing my Ph.D to complete my training at my own pace, and am able to stop at any point I wish to should circumstances dictate that I need to. Should I need some financial assistance, it is more favourable to take out a considerably smaller loan that that required for integrated training. As a few of you identified, if I waited four years and then did an integrated course taking 18-24 months, I could well miss out. My only concerns are that I will be taking on too much alongside my Ph.D and potentially it could take me just as long as if I'd done my Ph.D and then done the integrated course.
Another recurring theme in your responses was the suggestion that I consider completing a job in industry over the next few years as opposed to a Ph.D. Had I not been reminded about the modular route then I probably would have agreed with you. However, I feel the Ph.D is most suited, especially if I follow the modular route. This is for three reasons:
1) My working hours for my Ph.D are far more flexible than in industry (assuming I wasn't a contractor). This will allow far more flexibility in terms of fitting in training and hour building. Should I need to take an afternoon or morning off, I can make up for it by working in the evenings. In turn, this does not restrict me to just weekends to complete my training.
2) By the time you account for tax and other additional expenses not incurred by Ph.D students, my salary equates to that of a graduate in engineering. Therefore, money wise, I stand to gain nothing by obtaining a job in industry in the next few years.
3) Finally, many of you said, and quite rightly, that in many instances a Ph.D does nothing or very little to improve recruitment chances in industry. However, with regards to the Ph.D I am doing it is part-sponsored by an industrial partner (BAE Systems). Also, the topic my research covers would be considered a "hot topic" in industry currently. I have reason to believe that this *might* increase my recruitment chances, although nothing is a given.
It's taken me a good few days to respond to this thread because I have been thinking about what everyone has said. My current thinking is stick with the Ph.D and at the same time complete my modular training. I'm interested to hear on time-scales from those who have completed training using this route, and whether you guys think it's achievable. I'd be starting right from the beginning (not had the money to complete PPL until now).
Sorry for the length of the post, and any more advice is appreciated.
Keeley