Peter,
You are not the only one asking that kind of questions. As an EU citizen only you will have a hard time working in the US after your J1 visa expires. I don't know about Australia but the US will be extremely hard. Converting your license to JAA in 2 years time will cost you extra money that you need to count into your flying budget. Getting your CFI in the US (or Aus) will allow you to build some time but you won't be able to save any money, you will make less than the McDonald's guy. Paying for a Bachelor Degree in the US (Embry Riddle) won't give any advantage in the EU, that's a nice to have for the US market ONLY.
The budget to convert your FAA license to JAA (also valid for Australian license to JAA) is around $13,000-$15,000 if your flying skills are sharp enough. But, in the same time you will save money on your initial training since FAA training is cheaper than JAA training (if done in the EU). Also, you can prepare and sit your ATPLs in the US while working as a flight instructor. I don't think that you can do that in Australia.
My suggestion:
- If your goal is to come back to the EU, forget about your Bachelor Degree with Embry Riddle and save your money for your license conversion. Your JAA ATPLs count as a Bachelor Degree in the US or EU. Work as a flight instructor for 1 year in the US while studying for your license conversion.
- If your goal is to live and work in the US (impossible unless you get a work permit) or Australia, forget about license conversion and get yourself a Bachelor Degree with Embry Riddle. It will give you a better opportunity with the Majors in the US. The actual forecast is that Major US airlines will not hire NEW pilots before 2012.
good luck,
