Not exactly, if I was told correctly, once you've passed all the selection stuff, they put you on a type rating course (e.g. 757). After completion of the groundschool you start training on the simulator. They use the sylabus of the airline most likely to hire you. (e.g. JMC) The only thing you're not doing is your checkride on the simulator and circuits on the aircraft. If you complete the course succesfully, they place you in a pool. If they are then approached by an airline in need of pilots, and the airline is willing to take you, you just have to pass the checkride and circuits with the airline. All for around 6K. They are an excellent outfit, but stay away from the food. I believe it's terrible. I got this info from a pilot who went through the EPST-scheme. I have no idea who or what EPST are, but maybe somebody else knows.
Hope this helps, SF.