I need to have a sign up/login feature for potential applicants and then another login feature for current employees to access training materials. Is this possible?
Yes, #TotallyCodable.
This requires advanced logic & creativity. You can approach this in many ways. One efficient method you could use is Members Pages & Member Permissions.
This video shows you how to create a login with Members Pages: Create Member Website with Different Types of Members - Build Profile Page - YouTube