I went to the Conservatory of Recording Arts and Sciences in Tempe, Az. Honesty it was a great experience and one of the best years of my life. You can hang around campus and basically wait for kids that do not give a damn about 'school' to ditch out on their lab time which equals 12 hours in a top notch studio with a console like the SSL G+ series, rack gear like vintage la2a's and 1176's, etc.
Blah Blah.
It was fun! I learned a TON about audio as a whole, how to record and engineer a record, master tunes, etc.
I worked @ Tree Sound Studios in Atlanta Georgia shortly after for about 3 years. It was a great experience as well, but DO NOT expect to make a living off of being an audio engineer. First of all : no matter how good you think you are or how much you know, or how much a 'school' will tell you that you will be making records, you will know NOTHING about engineering when you get to work with artists. There is always someone else that has been doing it for 10 years, and in my case a kid that was 21 and had been engineering for 6 years because he droped out of highschool that worked with EVERY artist. Granted I did work with some artists like Outkast, Keith Sweat, Collective Soul, etc blah blah. All you really do for them is cut a vocal track, move a mic, help them set up a drum set.
Unless you are the house engineer you really do not do shit, and you do not make a living off of it.
As far as me now? I live in a small town about 20,000 people. I work at a killer theatre called abbeytheatre and run the sound there for their shows. They actually bring some decent artists in off tour like Patty Larkin, Zion I, Living Legends, Chuck Prophet (even though he is a big ex crackhead asshole)...
AND
I go to college for graphic design and music theory double major. So .................
If you have enough money to work and learn how to really be an engineer which means, oh, 6 years minimum outside of a school at a REAL studio? Then forget about it. I guess if you are planning on going to a school like Full Sail or Berekly which will cost you over $80,000 then you do not need to worry about money in the first place.
All in all it is a great experience. But no matter how much these sales people tell you that you will be making platnium records with Björk, it's bullshit. Even if you do happen to work with an artist that is famous or get to a landmark studio like Stankonia in Atlanta, you still are not really doing shit besides setting up mic's for the in house master engineer. If you are willing to poison the Master Engineer of a studio and kill him, then you could take his place. Otherwise wait in line for an expected 5-10 years before you really get anywhere doing that in the big fish tank of studios.
Good luck I hope my ramble makes some sort of sense.