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This is how we see it........we (us F/O's) are all type rated in the 747-400 in the left seat. (We took our check ride from the Feds in the left seat for our initial type rating, for recurrent PC's and PT's we get checked flying from the right seat.) We fly from the right seat but in cruise when the captain is sleeping we sit and preform the duties of Captain. The only true Captain is the guy who signs the flight plan........but we all log cruise captain time.....(when we sit in the left seat for the captain) for one reason only!!! Foreign Airlines allow cruise captain time, you can go be a cruise captain at Eva or Korean or China, you will go to the sim every 90 days but you will make six figures as a cruise captain.
U.S. carriers do not care about cruise captain time, they will laugh at your cruise captain time if you are bold enough to list it in the first place. ONLY FOREIGN CARRIERS CARE ABOUT CRUISE CAPTAIN TIME. If you want to go that route it is a great place to be........If not, dont log cruise captain time.......or at least do not list in on any U.S. Airline application.
Just my two cents......
God Speed in all your endeavours,
Clifford
P.S. The only reason the company can dispatch a flight with one Captain and three F/O's for a 20 hour duty day is that all the F/O's are type rated and can act as cruise captain. If the F/O's were not type rated then the company would have to have two captains and two F/O's on board. We do this every day with our ANC-ORD-ANC trip. To be a captain at a foreign carrier you have to have 500 to 1000 hours PIC in type. But you can go to work for some of them as a cruise captain with no PIC time. Just with a F/O check out and several hundred hours of "cruise captain" time.