F/O's can expect to upgrade to Captain. The time frame has been sliding back though. It used to be around the 3 year mark. I am now approaching 4 years and it looks like I will upgrade right at the end of the 5 year contract.
If you have an ATP with a valid jet type rating then that will work.
The 3000 hours is a hard number, not for the company but for the JCAB.
Good luck.