Virgin MPL 2017
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If the salary is 30k for seven years, and you're taking a 100k loan, then it doesn't make much sense does it..
Some ppl seem to be saying the bond is repaid during 9 years, but if its anything like the EZY MPL, they'll pay back 69k bond. That means you'll have less than 38k for seven years...
Financially the EZY MPL looks better if you plan to take a bank loan of course.
Some ppl seem to be saying the bond is repaid during 9 years, but if its anything like the EZY MPL, they'll pay back 69k bond. That means you'll have less than 38k for seven years...
Financially the EZY MPL looks better if you plan to take a bank loan of course.
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Easyjet don't pay you back 69000 though. They pay you 12000 less than what they would have paid you for a few years, and pay you that 69000 back per year in tax free installments. The only financial benefits are tax savings which amount to a few thousand. You will not be getting 69000 back as CTC like to have people think!
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I really don't know how virgin compares to EZY. I know that for EZY you can expect £40,000 in year 1 of your permanent contract (which is year 2 after training if your UK or Germany based!) and something similar for year 2. Then in year 3 it rises to £48,500 basic pay (so greater when factored for sector pay). Then you're on your way to £50,000+ from then on.
You also get a bonus from year 2 of your permanent contract onwards (5% basic salary) so you can add that into the figures mentioned.
The above is more suited to an easyjet thread but i've included it for those wanting to compare, my sources are actual easyjet pilots who did the EZY MPL and have been working a while now.
There appears to be conflicting info about Virgin at the moment so makes it difficult to compare !
You also get a bonus from year 2 of your permanent contract onwards (5% basic salary) so you can add that into the figures mentioned.
The above is more suited to an easyjet thread but i've included it for those wanting to compare, my sources are actual easyjet pilots who did the EZY MPL and have been working a while now.
There appears to be conflicting info about Virgin at the moment so makes it difficult to compare !
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I applied for this last year, got as far as CTC but alas no further. Whilst getting to the round of 300 from 3,000 or so wasn't too shabby for a first-ever cadet application, I'd urge everyone to be discerning when looking at cadet programmes.
I went for a different well-known airline a few months back. This airline paid for the entire training cost up front, got to the round 72 from 3,000 applicants on that one. Absolutely gutted but since I've got a decent job lined up (pending a few things like a medical) in a different industry with largely better T&Cs I may not be applying for a few years.
Take a look at Virgin's recent train driver recruitment and decide for yourself where the best value is.
I went for a different well-known airline a few months back. This airline paid for the entire training cost up front, got to the round 72 from 3,000 applicants on that one. Absolutely gutted but since I've got a decent job lined up (pending a few things like a medical) in a different industry with largely better T&Cs I may not be applying for a few years.
Take a look at Virgin's recent train driver recruitment and decide for yourself where the best value is.
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In terms of likely salaries, the number I was quoted after completion of training is £24,000 - this doesn't include the bond repayment which would be on top of the salary. It also doesn't take in to consideration the loan repayment. I am still trying to work out a likely 'take-home pay' figure... I doubt it will be glamorous, but if I am sat in the right seat I won't mind! I could be quoting wrong but I am pretty sure they said by year 7 your salary will be up to approximately £66,000.
- I don't know if the quoted figures include duty pay, this could add quite a bit to the 24k
- 66k after 7 years equates to annual pay rises of ~5.5k, not many jobs offer that!
- I have Nno inside knowledge so some or all of the above assumptions may be incorrect
Overall I'd not worry too much about the salary. If you weren't going to be able to make the repayments then Virgin wouldn't be guaranteeing a loan. As a new start cadet you can't go expecting to be loaded.
With Easyjet's scheme the whole equation changes. When it is your parents house on the line you need a substantially more secure financial offer than a Flexicrew contract IMO.
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First post 
Joined pprune because I want to apply for VA's CPC program too.
However, this thread has mostly made me not want to apply. As a 29 y/o who worked his ass off and now is getting 52k/year from a comfy London IT job... telling my wife I'm gonna go to train for 2 years and only make 24k/year when I get out.... will be a deal breaker
I was clearly wrong in thinking that being a pilot was a very well paid job (at least for the first 10 years). In my current career path, I'll be at 75k+ in 5 years, no longer does this makes financial sense.
Hear me out, I'm just being real here, because I want to fly for the love of flying, not because of the money. But if it's really only 24k/year to take home (£1,623 cash - source), how is this realistic for working 35 hours a week for people not living with their parents? A buddy of mine just got a Linux admin job with minimal experience... starts at 40k/year! Something not right here.
Maybe I got this all wrong, but talking about this with real numbers, crumbs, this kinda sucks.
BUT... flying an A330 for Virgin does make it sound totally worth it, man, the bragging rights ALONE are worth it:
- How was your week?
- "Set up a few servers, you?"
- Hum, well I flew a sexy A330 with 260+ folk to NZ, spent a few days travelling around NZ, then flew back.
- "... you suck."
Joined pprune because I want to apply for VA's CPC program too.However, this thread has mostly made me not want to apply. As a 29 y/o who worked his ass off and now is getting 52k/year from a comfy London IT job... telling my wife I'm gonna go to train for 2 years and only make 24k/year when I get out.... will be a deal breaker
I was clearly wrong in thinking that being a pilot was a very well paid job (at least for the first 10 years). In my current career path, I'll be at 75k+ in 5 years, no longer does this makes financial sense.
Hear me out, I'm just being real here, because I want to fly for the love of flying, not because of the money. But if it's really only 24k/year to take home (£1,623 cash - source), how is this realistic for working 35 hours a week for people not living with their parents? A buddy of mine just got a Linux admin job with minimal experience... starts at 40k/year! Something not right here.
Maybe I got this all wrong, but talking about this with real numbers, crumbs, this kinda sucks.
BUT... flying an A330 for Virgin does make it sound totally worth it, man, the bragging rights ALONE are worth it:
- How was your week?
- "Set up a few servers, you?"
- Hum, well I flew a sexy A330 with 260+ folk to NZ, spent a few days travelling around NZ, then flew back.
- "... you suck."
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Easyjet do offer a permanent contract straight away if you take a base outside the UK or Germany in year 1.
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First of well, welcome to pprune. But with the best will in the world, from someone already doing the job for a different carrier, having bragging rights of flying a jet is one of the worst reasons anyone could consider going into the job. Most interview panels would see right through it.
Any research into any past scheme will quickly show you that if a company pays for/provides security for/assists with costs of a loan or course, starting salaries are almost always lower. You're free to go and do your own course self funded at a school and apply for jobs off your own back at what then might be a different or higher salary-although you'd likely have to settle for bragging rights on flying an A320 or 737.
Sorry if that's a little harsh-just trying to let you know how your post comes across to those in the industry...
Any research into any past scheme will quickly show you that if a company pays for/provides security for/assists with costs of a loan or course, starting salaries are almost always lower. You're free to go and do your own course self funded at a school and apply for jobs off your own back at what then might be a different or higher salary-although you'd likely have to settle for bragging rights on flying an A320 or 737.
Sorry if that's a little harsh-just trying to let you know how your post comes across to those in the industry...
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I would take everything I read on here with a pinch of salt, do not base your decision off of what someone said on Pprune. Though having said that, you often do get gems on here which are really useful.
Moving on, whilst we all want to get the best financial deal we can and we're not all totally blinded (for the most part) by flying, we do all aim to minimse the financial hit and aim for the best salary we can find. However as you have quickly realised, being a pilot is most certainly not to be done with the hope of getting rich. Now there are various captains out there earning up to £140,000 a year, however that is the pinnacle of the career and won't be something you touch for a while.
To sum it up, if you're hoping to get rich quick ... move along. If you're willing to earn around the 40,000 - 70,000 range for a few years before you start to hit the big bucks then it may be worth considering if you really love flying (not for bragging rights alone I hope!
And by the way, loans aside, earning £40,000 and rising to around £70,000 + in the first few years of a job is quite high in comparison to the rest of the country, I wouldn't be turning my nose up at it anyway.
Moving on, whilst we all want to get the best financial deal we can and we're not all totally blinded (for the most part) by flying, we do all aim to minimse the financial hit and aim for the best salary we can find. However as you have quickly realised, being a pilot is most certainly not to be done with the hope of getting rich. Now there are various captains out there earning up to £140,000 a year, however that is the pinnacle of the career and won't be something you touch for a while.
To sum it up, if you're hoping to get rich quick ... move along. If you're willing to earn around the 40,000 - 70,000 range for a few years before you start to hit the big bucks then it may be worth considering if you really love flying (not for bragging rights alone I hope!
And by the way, loans aside, earning £40,000 and rising to around £70,000 + in the first few years of a job is quite high in comparison to the rest of the country, I wouldn't be turning my nose up at it anyway.
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I think it's important to note that this is an online forum with various people often giving conflicting information - so I definitely agree with the above, you should take a lot of what you read with a pinch of salt.
Having said that, it is clear that the MPL has mixed reviews from aspiring and qualified pilots alike. My opinion, for what it's worth, the ATPL route is more desirable in terms of the amount of training and PIC hours, but going 'white tail' is arguably more risky due to the reduced job security. The MPL provides that job security, but reduces your starting salary - personally I think it's worth it! Especially with such a good company like Virgin Atlantic!
I understand that often the MPL is described as a licence which ties you to that airline as a First Officer with no possibilities to change airline or become a Captain. That quite simply is not true (from my research) - after 1500 hours an MPL will convert to an unfrozen ATPL which makes you just as qualified as those who follow the white tail route. I am willing to stand corrected on this, but I am pretty confident this is the case.
Having said that, it is clear that the MPL has mixed reviews from aspiring and qualified pilots alike. My opinion, for what it's worth, the ATPL route is more desirable in terms of the amount of training and PIC hours, but going 'white tail' is arguably more risky due to the reduced job security. The MPL provides that job security, but reduces your starting salary - personally I think it's worth it! Especially with such a good company like Virgin Atlantic!
I understand that often the MPL is described as a licence which ties you to that airline as a First Officer with no possibilities to change airline or become a Captain. That quite simply is not true (from my research) - after 1500 hours an MPL will convert to an unfrozen ATPL which makes you just as qualified as those who follow the white tail route. I am willing to stand corrected on this, but I am pretty confident this is the case.
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I would take everything I read on here with a pinch of salt, do not base your decision off of what someone said on PPRuNe. Though having said that, you often do get gems on here which are really useful.
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I understand that often the MPL is described as a licence which ties you to that airline as a First Officer with no possibilities to change airline or become a Captain. That quite simply is not true (from my research) - after 1500 hours an MPL will convert to an unfrozen ATPL which makes you just as qualified as those who follow the white tail route. I am willing to stand corrected on this, but I am pretty confident this is the case.
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Salary - For Cadets - Virign MPL
Hi All,
I attended the Open Day at CTC, but the information I received regarding Salary seemed slightly conflicting, or I mis-understood something.
Can anyone confirm the starting Salary for Virgin Cadets on MPL, and when you will receive your 1st paycheck.
For example, is the Salary 40k a year, but you will only receive around £25k , because of the Loan repayment taken from it?
Or
Is the Salary around £25k, and then the Loan payment is taken from that?
Does anyone know the increase in salary each year?
Also, at what point will you become a FO?
I attended the Open Day at CTC, but the information I received regarding Salary seemed slightly conflicting, or I mis-understood something.
Can anyone confirm the starting Salary for Virgin Cadets on MPL, and when you will receive your 1st paycheck.
For example, is the Salary 40k a year, but you will only receive around £25k , because of the Loan repayment taken from it?
Or
Is the Salary around £25k, and then the Loan payment is taken from that?
Does anyone know the increase in salary each year?
Also, at what point will you become a FO?
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Info
Hello everyone.
Here's the info on financing that everyone seems to be interested in, which has come from one of the current cadets on the course.
The starting salery is around 25000. Starting. This then increases over 9 years till you are in line with the direct entry first officers in the company, around 66,000 a year. Once at this level you move onto a full first officer contract. On top of this, the company will give you the money to pay back the 109,000 training loan, around 15,000 a year. The only thing you touch your salery for is tax and interest. So the first year you will be taking home around 40,000 pounds to live off and pay the loan back.
As well, whilst flying you get trip allowances which vary with route, which can be spent down route so you don't touch your wage. Making the take home very good and much more competitive than other airlines.
This Saturday the cadets and pilots are at the flyers event at Heathrow Sofitel. I'd recommend going to gain as much information as possible.
There are 12 places again this year and competition will be tough for sure. I've applied and good luck to everyone
Here's the info on financing that everyone seems to be interested in, which has come from one of the current cadets on the course.
The starting salery is around 25000. Starting. This then increases over 9 years till you are in line with the direct entry first officers in the company, around 66,000 a year. Once at this level you move onto a full first officer contract. On top of this, the company will give you the money to pay back the 109,000 training loan, around 15,000 a year. The only thing you touch your salery for is tax and interest. So the first year you will be taking home around 40,000 pounds to live off and pay the loan back.
As well, whilst flying you get trip allowances which vary with route, which can be spent down route so you don't touch your wage. Making the take home very good and much more competitive than other airlines.
This Saturday the cadets and pilots are at the flyers event at Heathrow Sofitel. I'd recommend going to gain as much information as possible.
There are 12 places again this year and competition will be tough for sure. I've applied and good luck to everyone
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Hi Wannabeflyer94,
Thank you for the info.
Any ideas if the 15k you get back will be subject to tax?
How much in total will cadets pay back? i.e, The loan is £109k, but is there interest to pay on top of that?
Can you pay the loan back early?
Does annual Pay increase by a fixed amount after each year, until you get to 66k?
or does it vary? Year1 25k, Year2 26k, Year3 27k...... Year8 50k, Year9 66k.
My other question I have is about the amount of time spent outside of the UK.
During the presentation at CTC, the impression I got was 11weeks away (New Zealand), in the CTC brochure it says 22weeks, and when I phoned CTC they told me 8months.
Any ideas?
@Wannabeflyer94
Good luck with your application.
Thank you for the info.
Any ideas if the 15k you get back will be subject to tax?
How much in total will cadets pay back? i.e, The loan is £109k, but is there interest to pay on top of that?
Can you pay the loan back early?
Does annual Pay increase by a fixed amount after each year, until you get to 66k?
or does it vary? Year1 25k, Year2 26k, Year3 27k...... Year8 50k, Year9 66k.
My other question I have is about the amount of time spent outside of the UK.
During the presentation at CTC, the impression I got was 11weeks away (New Zealand), in the CTC brochure it says 22weeks, and when I phoned CTC they told me 8months.
Any ideas?
@Wannabeflyer94
Good luck with your application.
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I am pretty sure the security bond is for the total of £109,000 so you get the whole £109,000 paid back to you over the 9 years.
Looking at the EasyJet MPL their security bond is £69,000 with further training costs on top of it - which is why you only get the £69,000 back through the bond.
In regards to the question about whether it is tax free, it is taxed differently to your normal salary - it is tax efficient to both Virgin Atlantic and the Cadet. I cannot say exactly what the tax rate is, but it is desirable!
Any interest on the loan (I have calculated it to be around £23,000 - but this is an 'guesstimate') you wouldn't get any help from the security bond payments.
Looking at the EasyJet MPL their security bond is £69,000 with further training costs on top of it - which is why you only get the £69,000 back through the bond.
In regards to the question about whether it is tax free, it is taxed differently to your normal salary - it is tax efficient to both Virgin Atlantic and the Cadet. I cannot say exactly what the tax rate is, but it is desirable!
Any interest on the loan (I have calculated it to be around £23,000 - but this is an 'guesstimate') you wouldn't get any help from the security bond payments.
