You do your CPL skills test after approx 100 hours single engine and your IR skills test after approx 140 hours (40 multi, 100 single).
Most people pass CPL skills test first time, most people get (at least) first series IR pass.
How well equipted? CPL - not too difficult, most people find the 100 hours enough. IR - no amount of hours will ever prepare you. Most professional pilots would probably faint if asked to do a single engine NDB. I'm not joking.
Seriously though, most people pass without a hitch. The hours are enough.