Yes, as a Cathay Cadet you will undergo the same training as all other cadets. However, once in a while they offer the Short Course in which case you wouldn't be doing the whole 14 months. Nonetheless, the "normal" cadet program requires all cadets to undergo the same training regardless of experience...which makes sense since most the exams you will be sitting are issued by the HKCAD.
If no jobs are available upon graduation, you just wait. Yes, you are entitled to gin employment elsewhere but must be ready to start immediately.