A number of question, concern or you can also treat this as a suggestion.
1. Is there a way to setup a separate registration page for Applicants and Employer?
2. Also, since I installed it on a test subdomain, once my setup and testing is complete and want to use the same configuration to the live website, can I use EXPORT/IMPORT feature under the Utility?
1. yes its possible, but it will require some kind of custom change on the code.
2. its depend. if your test server accessible from your live server, it can be used. but those export import will only import content (post, page, widget). you will need to use admin panel export / import again after that.