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Way different.
If the plane was a resturaunt, it would be like the difference between being the chef and the waiter, no slam intended. Depending on what aircraft you're on, an FE's duties consist mainly of preparing the cockpit for flight, running t/o and landing data, inspecting the aircraft prior to flight, and running the systems during flight.
The loadmaster's responsibility generally focuses aft of the cockpit door, and includes cargo loading and passenger handling.
If you're looking at this for the purposes of being a pilot someday, FE is the way to go. In all aircraft you get navigation, performance, aerodynamics, communication, systems...etc. experience, which is a perfect lead in to a pilot career. It's the closest job you’ll find to being a pilot, in fact we train side by side on just about everything. That's why the FAA allows one-third (up to 500) of Part 121 FE hours to count towards the ATP.
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I'd say its closer to a busboy and a dishwasher. I would not reccomend being a flight engineer because it requires ALOT of training. C-5 flight engineers take 2 years to become fully qualified, more time than it takes the pilots to get qualified!!! That time could be used for going to college/getting flight ratings, etc. When it comes to interviewing for a pilot spot in the AF, being a FE doesn't help any more than being a loadmaster does.