A Command Instrument Rating is required to fly in Instrument Meteorological Conditions (IMC), and allows you to fly both day and night.
Because your training is in a Multi-Engine aircraft your will also receive the Multi Engine Type Rating.
The Instrument rating is an Airline requirement and most charter companies will at least prefer you to have it. Airlines also expect you to hold a Multi-Engine Type Rating.
To attempt the IFR flight test you must also have a total of 50 hours cross-country flight time as pilot-in-command and have passed the IREX exam
IREX (Instrument Rating Exam)
More information here:
Note : This course course is competency based, students can acquire further training based on the capability of the individual.