Yes you missed something, you also need a minimum 1500hrs JAR25. Also, as has already been pointed out, once selected the course cost is covered by Ryanair. The core course is outsourced the sim course is done in house. Once the course is completed successfully the endorsement is paid for by the applicant, direct to the IAA.
SFI's usually do a year or so in the role then move on for command upgrade. As a result, recruitment for the role comes up fairly regularly.