First I would tell him not to worry, this is a great audition to have first. The faculty are very supportive. As you know the program has change since my daughter's class (now a Junior). They have ramped up the dance and acting classes and dropped some of the "generic" music theory classes. So far, my daughter has been pleased with her opportunites to perform and I assume that with being on the Rider campus the newer MT's will be more integrated into the Rider shows. They have had a senior showcase for each graduating class in NYC in the spring for the last 3 years. The class sizes are kept small (10 -15) so everyone gets to participate. Several recent grads are doing well, including one boy who is on Broadway in Jersey Boys. Every year they have a review at the end of the year to discuss how they are progressing. At the end of Soph. year the review can include advising students as to whether they are progressing at the rate they would need to in order to seek professional work upon completion of the degree. Students are sometimes passed "conditonally" if they have areas that must be brought up to speed (including academically). It is an intense program, but this is why my daughter is happy there. She really feels that she is working hard on what matters to her and is improving in ways that will allow her to work in the industry after graduation.
Feel free to ask any other questions your S may have and I will do my best to find out the answer.