1. OK, you put in time in the simulator. How is that logged? In other words, if you're not going to be building actual time at the center, what kind of time are you building? Is SIC time in a level D simulator included in your TT?
It is my recommendation that you just log it as 'sim' time in your log book. Even though it is not airplane time, having some sim time can help make those insurance companies feel better.
2. Does it make sense to build actual in-air time before you go to the center? Or during your time in the center -- i.e., can you CFI on the side for an FBO while at the center?
When I was at FSA, there was still a waiting list to instruct there (this is long gone). They also had a hiring freeze at the sim centers, but needed people to help out. Someone came up with the bright idea of the internships at this point.
There were two ways they worked. If you were already an instructor at FSA who had completed your 800 hr contract, they wanted you to leave, so someone else on the waiting list could take your place. You were supposed to go to a sim center for a year and get typed at the end of the year. For the former instructors, they were supposed to work more in the sims than the office. Pay was $7hr until you had completed an initial and started to work with clients (the first few weeks at the center), then $14 after that.
The other way to go was if you were on the waiting list after getting your CFI ratings and successfully completing the interview process. You were supposed to go to a center for 90 days. During this time you were supposed to complete the initial training for at least one airplane. These interns were supposed to rotate through all of the various departments of the center and do more office work. So, this was more of a traditional internship. Pay was I believe $7 hr the entire time.
Each center was different however, as each learning center is sort of a mini fiefdom within FSI's empire. It all depends on the center management (who are usually very professional).
Some centers type those with enough hours right away. This is what happened in my case. Others make you wait a year. Either way, you get what you are promised.
During the time when there was a waiting list, some of the low time interns ended up spending close to a year at the centers until they were called back to instruct, so if you were good, they were in no hurry to see you go. As time went on, they started placing people in centers who were not offered jobs as instructors at FSA, but who still did well during the interview process. If I had to guess they did ok during the personal interviews and sim eval, but not so good on the all important 15 minute presentation. Most of these interns probably spend more time in the sim than the office as well.
For either group, they have no problem with you instructing on the side. I would recommend it.
3. My concern is that you will graduate without enough TT even to get hired by a regional, much less a corp or frax (Net Jets, eg, wants 2500TT). So the program may get you great experience in the sim and face time, and the corp guys may think you're competent, but without the minimums what are you to do?
You have to continue to instruct locally to build time, no way around this. Even if you met Net Jets minimums, they would probably be unlikely to hire someone with 2500 hrs of piston instructor time. You are more likely to end up at a charter company or in a small part 91 flight department. You could also go to a regional once you get 600 hours, or whatever their minimums happen to be at the time. Even if you chose to go to a regional, you will be a lot more comfortable in the sim and be more used to operating a complex airplane.
4. Each center has sims for only a few types of planes. Does this limit your opportunities with employers? For instance, if you train on a Hawker sim, are you less likely to get a job with a frax that flies only Lears?
As others have said, you are unlikely to get hired by any fractional. I would say that you are probably more likely to get hired to fly whatever airplane you are in. One of the things that will appeal to employers is that you are already trained. This saves them money. This is not always 100%, but you will be meeting people in the sim who are operating your type of airplane, so it stands to reason that they are the ones who will hire you. This brings up the topic of what program you want to work in. My advice is to be realistic. If you have 300 hours, no one is going to hire you to fly a GV or a Global, so go for something smaller.
You can also end up doing some contract flying while at a center. I ended up doing about 100 hours before I left. Kind of nice to get out and about now and then.
I personally know of 5 people who worked at the sim centers who got hired. Some were lower time and did some contract work that led to full time employment. One ended up being hired by a smaller corporation to fly a Lear. Another flew close to 100 hours in an older Citation, but ended up going back to the Academy to instruct (I think he ended up going to a regional). Another ended up in a Beechjet owned by a private individual. Two more are flying Beechjets for charter operators.
I didn't leave FSA until I met ATP minimums and spend close to two years at a center. I now fly a Hawker for a private individual and we also do charter.
So, it can be an excellent opportunity. Just don't expect to get 300 hours and go to a center and then get hired by Motorola to fly a GV or something along those lines. You will still need to build at least 1000 hours before you are attractive to most operators. Getting your ATP is even better.