ISTAT Jetrader - Spring 2021 - 19

the phone, which is a very flustering
experience. Then, at the end of the
day, we'll come back, and some of the
men will just be like, " Oh, yeah, I had
a great conversation with this person.
And they told me all this, " and the
women are just like, " What? That was
not my experience. " This is something I
have experienced over the last decade
of my career. There are a lot of boys'
clubs out there that can be very difficult
to get into as a woman. It makes it
challenging to build a network.

Kara Levine
Manager at ICF
ISTAT Certified Senior Appraiser
*Aired on 14 October 2020

On the senior appraiser
exam process:
The thing that helped me pass not only
the appraiser exam, but also the senior
appraiser exam, was having a study
partner. Find somebody to bounce ideas
off of; find somebody who can help you
stay on track, because we're all busy
in our work lives and in our personal
lives, so it's helpful having someone
who helps you when you don't want to
crack the book or when you don't want
to think of questions and try to write
out mock answers. Find somebody
who's going to at least guilt you into
spending a little bit of time. I had that
with the senior exam, and I managed to
get through quite nicely. I didn't have
that experience with the first exam, and
I really wish I did.
On the opportunities of different
aircraft types:
Based on the international traffic
recovery, I think widebodies are going

to be challenged for some time. I
think the newer programs - the 787,
the A350 - those are going to be
essentially the core of most airlines'
international fleets for the foreseeable
future. Longer term, we are quite
high on those. In the short run, at
least for the next few years, we still
foresee those being a bit challenged.
I still like 767-300ERs because if
you don't need them in passenger,
there's pretty much everybody and
their mother who would take them
as a freighter. For older kit, that's
still a really good, solid aircraft.
Narrowbodies, I really like the A220.
It's the only aircraft that I have
picked a specific travel route to fly
on. When I went to Prague, I flew
through Switzerland so I could fly on
a Swiss A220. I think they're fantastic
aircraft, and I think they're right sized
for some of the traffic rebound. It
seems like most of the airlines, or
at least the airlines that I've heard
of who have them in their fleets, are
quite happy with them. I think the
737MAX will be a good airplane, but
I think right now the industry does
not necessarily need an additional
however many of them are parked
right now.
On changes in sentiment for
Current Market Values and
Base Values:
We're trying to follow the market
closely, and we're changing Market
Values accordingly. We are trying
to be very careful to not lead the
market. That's probably the biggest
balancing act that we have currently
is where we think the market is today
versus the expectation from many of
our clients that it's probably going
to continue to get worse. On the
Base Value side, we've made some
changes around the margins to a few
aircraft type. Our model has different
inputs than some of the models from
other appraisal firms that I'm familiar
with. So, we have a few more levers
that we can push and pull. There have

been a few aircraft types where,
admittedly, we've taken a year or
so off of the economic useful life
of the type. But, generally, we're
trying to be cognizant of the fact
that, unlike the last downturn, as a
global financial crisis, the OEMs are
not trying to produce their way out of
it. There has been a massive ramp
down in production; there's obviously
a significant reduction in demand.
We're trying not to make changes
now for some of the more modern
types that we foresee are the core
of the future fleet that we potentially
will have to undo two or three years
down the road. We're probably a little
bit more conservative on some of
the moves that we're making than at
least some of our clients would like.

Olga Razzhivina
Director at Oriel
ISTAT Certified Senior Appraiser
*Aired on 14 October 2020

On being a woman in aviation:
Through the years that I have been
an appraiser, I have often found
myself to be the only woman in
the room. I can't say that I've felt
out of place. I was very lucky,
and practically everyone I have
come into contact with, whether
as colleagues or clients or people
I've met at the conferences, have
always been very supportive and
inclusive. At no time have I felt that
I was somehow inferior or excluded
because I was a woman. I think it's
a great testament to the quality of
people who work in our industry in
aircraft finances. But, of course, it is
nice to see more diversity, and it is
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ISTAT Jetrader - Spring 2021

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