Your queries answered briefly:
1. The label of Editor itself is a huge perk as it is like an honour badge. We are also able to get quick replies from Webmasters in case we have some problem. This is not to say that general members won't get a response, but being an editor, the Webmasters will accord us the privilege of dealing with the problem right away. We may be given an extension in the AdSense revenue sharing program, which is otherwise limited to a year or so for general members. Beyond the perks, thought, it is basically a matter of pride to be an editor!
2. Yes, we are paid. However, it is not a fixed salary. We cannot disclose our pay and earnings as editors as this is confidential information.
3. Our task includes reviewing posts in the section(s) we are assigned. We may need to correct minor changes ourselves in the post and need to understand how to judge quality content.
As editors we must also guide those who may be having problems in understanding how to submit quality content. We should not just shift something to pending of a first-time submission but try to explain to the member how to post and be patient in explaining such things.
We must mentor new members and answer their forum queries or queries sent to us directly.
We must appreciate good work and encourage those who are having potential to develop their skills.
4. You need to post good quality content for at least 6 months and interact with other members in a non-aggressive manner. The way you behave in the forum or your tone of messages can be gauged. You should also have a general understanding of how the site works, meaning its features, understanding the parameters on content requirements in various sections, etc.
Above all, you must gain the trust of the Webmasters with original content and adhering to rules & guidelines.
Note that a hardworking, dedicated and trustworthy member can be nominated by editors for the position of an editor.
For further reference read: Help Topic on Editors
I am currently pursuing High School and planning to pursue career in Computer. Currently, I work on one of my blog - JTech Articles.
1. You need to have a cordial behaviour. Being aggressive cannot be a positive trait for an editor. Even if the members tend tend to be provocative( they may have their own reasons for being so), you need to have a cool head and resolve the issues they may be having. I used to be aggressive during my initial days as an editor until senior editors made me understand the importance of having a cool head.
2. You need to have a sound understanding of how the site works. Being knowledgeable about the policies and terms of the site lets you explain it in a proper way to the members.
3. Being an editor does not bring much monetary benefit compared to being a contributor. But, yes - it's an honour. Being on the editorial board of such a large site and being able to manage a part of it is a great source of encouragement.
4. Tasks of an editor are manifold. Reviewing the contributions is a small part of it. Apart from that, you should be capable of resolving the issues being faced by the members - especially newbies. You should at least be able to guide him/her to the right person who can resolve the issue, or bring it to the attention of the team.
5. And above all, be strict. You are free to go to an extent for maintaining the decorum of the site. Having a look at any I legal activities by the members and reporting them to the team would be an expected responsibility.
And finally, do not ever push yourself to be an editor. If the team feels you are capable of handling it, they will connect with you and have a discussion with you.
Live....and Let Live!