The pay is adequate but far below other professionals who attended school for 7 years to get a Masters degree. 

The work load depends on where you work. Many many firms suffer from a poor work-life balance and poor work culture, but there are bright spots out there.

When I went to school, the study load was crushing. Professors would laugh in your face freshman year if you expressed interest in extracurricular activities like sports, clubs, fraternities, etc... Architecture school is your life. 24 hours a day. 

If you love architecture more than anything in the world and are willing to suffer for your love, that's exactly what will happen - the profession will exploit you until you are a husk of your former self. If you think you might enjoy doing architecture as a way to make money but, like, you could see yourself doing other things too, then maybe it could be a good fit for you.

Some background:  I'm 46 years old and have over 20 years experience in the profession.  I rarely work overtime and I make a good amount of money for where I live (low six figures).   If I worked in a major metro area I'd expect to be making between 1.5 and 2.4 times as much however my cost of living would be 2-4x as high as where I live now. 

Schooling:

It will be difficult.  There is a lot of things to learn.  Do a good job researching the schools you want to attend and go with the lowest priced one.  The 'prestige' of a ivy league school is nearly worthless.  As long as your school is accredited it should be fine.  If you can, get a Bachelors of Architecture.  

Here is a link to the accredited schools in the US:

https://www.ncarb.org/earn-a-d...

Practicing Architecture:

Once you're done with school you still need to intern and pass your licensing exams.  

https://www.ncarb.org/become-a...

Internships are paid - NEVER work for free.  You can expect to make around $45k a year right out of school.  That's the national average so the pay can vary deepening on where you live. 

What you'll be doing as an architect will vary depending on your skills.  Design, technical drafting, navigating building codes, writing meeting notes, managing projects, meeting with clients, applying for work (you have to actively go after projects) - they're all part of being an architect. 

Typically the process of designing a building is broken up into five phase.  The percentages is the amount of your time will be spent in each phase.  

1. Programming - you assist the client figure out what they want in the building.  This isn't always included in the project as the owner may have already done it. 

2. Schematic Design (20%) - you come up with an initial design and see if the client likes it.  This is where most of the design takes place.  When you think of what an architect dose this is what most people envision. 

3. Design Development (20%) - you refine and figure out how the design will be built. 

4. Construction Documents (35%) - all the drafting and specifications (booklet describing the things in the project) are created.  This phase creates everything used to build the project

5. Construction Administration (25%) - this occurs during construction.  You'll assist the contractor answering questions and reviewing the various items used in the building.  

Work / Life Ballance

Some architectural firms are known for having to work long hours with no overtime pay.  Don't work for these firms.  It's all about the firm you work with (not for).