Late to the party but I'll throw my two cents in.
I started working for Aerosim a few months ago. The above poster gives a good overview of the standz class, except now they hire into the 172s instead of the SR20 so the standz class is based off of the C172P. The application process is a phone interview, followed by in person interview, an FOI type written, and finally you teach an HR employee how to land in one of their SR20 sims. The standz class is about 3 weeks and then you have on the job training (backseating and about 5-6 flights) followed by a standz flight. During the standz class you are tested on C172P performance/systems/maneuvers, FOIs, FARs, and Aerosim policy. There is a minimum score required, however you will not find out the score until after the class is finished. Once you finish the 3 weeks, you do an initial hire flight with a manager and that is graded with your tests and they will decide if they will give you an offer. Once you are hired you begin the on the job training as I mentioned earlier.
Pay right now is $21, that includes hobbs time and usually around .5 brief. You will not have to worry about students, there are plenty of Asian contract students to go around. However, they will start you teaching private in the C172P, which are usually 20-30+ years old. They use 172s for private and SR20 for instrument and commercial, they also have Seminoles and Arrows. They will train you in those aircraft if you ask, however, it is reliant on student demand, right now there are a lot of private students coming in and most work is needed in the cessnas. As for hours, I'm averaging about 60 hours flight and 40-50 hours ground, but some of the more experienced guys do slightly more than that if you can handle it, like the above poster said, 8 hour daily billable is easily doable. They offer contracts as well that will pay for CFII/MEI/ATP ground or Jet transition course dependent on what you need and how long the contract is. So far the job for me has been what I expected from an entry level aviation job, at times its hectic and grueling, at times is interesting and the best job I've had.
Hope this helps.