After your training, you will have a CPL/IR and an MCC, and credits in the ATPL written exams, which is commonly known (in the UK at least) as a "frozen ATPL".
With this, you can (in theory, at least) get a job in the right hand seat of an airliner.
In order to get an ATPL, you must have 1500 hours total flying time, which must include 500 hours in a multi-crew environment, as well as several other requirements. Once you meet these requirements, your license is upgraded to an ATPL, and you can now be Captain of a multi-crew aircraft.
Hope that clears it up for you.
FFF
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