Adam..
A CPL/IR + ATPL theory is *NOT* an equivalent to ATPL, no matter how many marketing departments & schools keep referring to that combination as a 'frozen ATPL'. It's exactly what it says: A Commercial Pilot Licence + Instrument Rating + passes in the ATPL exams - and nothing to do with being the holder of an ATPL.
As Redsnail & I have written NO flying school offers an ATPL ie you graduate from the school holding an ATPL. You will graduate with a CPL, a multi-engine instrument rating, approximately 250 hours, and passes in the ATPL exams. And that's it. Not even close to the 1500 hours required plus whatever subtotals the applicable regulatory authority specifies.
Eventually, and only after you accrue the necessary flying experience and pass a suitable flight test, will you hold an ATPL with its privileges & limitations. Until then you will hold a CPL, with the privileges & limitations of that licence. In some places that's sufficiently qualified to work for an airline as a co-pilot, in other places the rules don't allow that.
However having just the minimum, entry level qualification & experience
doesn't guarantee that an airline will employ you.
Read this link for some background information
http://www.pprune.org/professional-p...sked-here.html. There have been some regulatory changes since I wrote it, however it's mostly still correct.