Going to school for sound/audio engineering is a good thing, if you are really serious about the whole process tho, my advice is to go to an existing sound, audio company, or concert/entertainment supplier, and learn by doing....
This kind of experience is much more valuable when it comes to actually doing it for a living....
And to answer the original question,.... Yes, you can actually earn a pretty good living from this field if you are willing to 'pay your dues' Meaning, of course that you spend a few years doing the learning thing...
My advice is to find someone where you are, that is willing to let you watch the whole process... from load-in, to load-out. and the show mixing in between..
There are many levels of sound/audio work available, in the entertainment industry. Don't forget, that it includes Theatre, TV, Movies,Rock&Roll, and all other forms of entertainment that require Audio.
You can, if you are very good at it, end up doing just about any of those mentioned, and make a very decent living.....
The key word here is "good" there are more than enough average audio people out there, If you get really good at it, you can almost demand what you want .
Personally, if I had it to do all over again, I would go for either TV, or Movies, the money is very, very, good,to the point of being 'stupid' money...!!!! By that I mean anywhere from $500-$1000 per day, and more..........I recently worked on a movie as a set dresser, and as one of the lower paid people, was making around $400+ per day..... Wish I could do that for a regular gig..!!!!!
Good luck, and if you go for it, ..... Suck in all the knowledge you can, and get real good at what you do,... later, you won't regret any of it.....
Upstate
A few months of BS from that guy was all I could take. It was a shame, because it was a pretty nice studio. I probably should have stayed, but I didn't like that scene.