P-F-T defined
I second Enigma's well-stated comment about the non-existence of an official definition of P-F-T. Having said that, of course, P-F-T means "pay-for-training." It is an employment issue. If a company hires you and as a condition of employment requires you to remit money for training, then it is P-F-T. A secondary test is whether the training is esoteric to that company only and does not lead to a certificate, rating or other operating privilege that is accepted universally and can be marketed elsewhere.
No matter which way you slice the pie, P-F-T amounts to buying a job. That's why the practice is offensive to so many. The best-known P-F-T programs require only a Commercial-Multi-Instrument, implying that only the minimum hours needed to obtain these ratings are all that are needed for these programs. In other words, P-F-T negates, by way of a checkbook, flight time and experience pilots generally struggle to build before they are eligible for hire. Thus, as you can well imagine, P-F-T is attractive to those who want to pull end-runs around the conservative and traditional system of building experience (and character) in aviation.
Some P-F-T programs profess a minimum experience requirement, but, face it, folks, a person who shows up at the door with a check for P-F-T tuition will not be turned away. You can bet your bottom dollar on it.
A training contract or training bond is not P-F-T. Such documents only ensure that a company can recoup its training costs if you leave before the term of the contract. I have no problem with training contracts and would have gladly signed one if it had meant regional airline employment.
Flight schools such as
Mesa Airlines Pilot Development and
Delta Connection Academy are not P-F-T. They only say you might get an interview with their parent airline after you earn your ratings with them and/or jump through myriad hoops. The only thing they might promise is they will provide training for your ratings. Once again, P-F-T is an employment issue, only. Neither school is hiring you for a job at an airline. The comment above about school attendance being required for hire is simply untrue; both Mesa and Comair hire off the street.
Finally, the B737 type requirement for Southwest is not P-F-T. It is no different than a corporation requiring a Lear or Falcon type. The 737 type can still be marketed; moreover, Southwest will (and must) provide you with its company 737 training.
Hope that helps a little.