Here we are being realistic and discussing on youngsters who had just graduated with a diploma, looking to start a career as a junior engineer. Please do not compare apples with orange.
The options that fresh engineering grads have are aerospace, shipping, electronics, chemical, land transportation, logistics, construction, bio medical, chemical, IT sectors to name a few.
If you want to compare among the above industries, I would have to say that to start off your career in the aerospace industries as an engineer would yield a better prospect and job security in the long term. Please do not narrow your view to just the present and do widen your paradigm by looking further.
No doubt, to start off from scratch as an apprentice is not easy and tough. It's as good as studying for a degree, just that more focus is placed in practical aspects that are relevant to our scope of work. This industry is niche, hence much emphasis is placed on training young individuals to work safely, ensure that his technicians are safe during work, the aircraft is airworthy. These are the 3 primary priorities our company culture inculcates. Secondary priorities would be resource savings, profits and productivity (that's what all companies want to achieve - profit). Therefore, if you cannot endure the first 3 yrs of apprenticeship, there is no point in you to continue as a LAE. I hope you can take it positively and learn the ropes of the trade during training, rather than start to learn only when you get your license. I personally feel that it is of utmost importance that our company issues the authourity and licence to those that can hold these responsibilities. SIA is about quality, if you think you want a short cut, please look elsewhere.
So, what is so special about being a LAE? We certify aircraft airworthiness. It is a niche industry and thus not many people in Singapore hold this privilege. The first stage would be to acquire the basic license by passing the B1/B2 SAR 66 issued by CAAS. Next you need to go for aircraft type licenses for the various models, eg A330, A380, B777 just to name a few. As you progress, you will be assigned to handle different aircraft types, hence acquiring more licenses along the way. The more licenses you possess, the higher your market value increases. Your knowledge in the first few years of your career would be a learning curve for you. You will find that your knowledge is so little as compared to your fellow colleagues that had been working for 20 over years.. That would be the time you start to appreciate the experience.
My company treasures experienced LAEs, the management is not able to jeopardise safety due to these group of LAEs that ensure all work carried out are in accordance with the air law. That's what so special about being a LAE.
With regards to your LAE friend who is driving a taxi right now, I'm sure he chose to do it on his own accord, and not the industry's fault. For those who would rather blame others for their misfortune instead of taking pride on his own work, it's also their own choice.