But the problem with pay ultimately comes down to the “I can get it cheaper” syndrome, making it a race to the bottom. New editors run that race and lead the pack when they do (although there are any number of “experienced” editors who run that marathon, too).
Finally, there is the matter of prestige (little to none, today) and respect (sometimes even less than none these days). The glamor days of editing are gone. Today, client demands leave little time for an editor to help a promising author achieve stardom. Our job is much more mundane; there is little to no time to nurture an author.
So, you want to be an editor. My question is: Why? If you understand the problems and can articulate the why, then this may be the profession for you. Editing can be a wonderful profession if you enter it with eyes wide open and for the right reasons. Today’s global marketplace has changed the world of freelance editing.