PWM/PB Questions

Hey guys had a couple questions about PWM/PB since I'm thinking about pursuing it.

1) How is the job security like? Trying to get an overall feel of PWM, is there a competitive atmosphere where it's difficult to keep up? Do many people get laid off for not bringing in enough clients?

2) Is starting PWM/PB after undergrad a bad idea? Someone said it's much better to do other things before pursuing any career relating to WM since you need to have a book of clients

3) Is breaking 500k extremely rare? Could a VP be making this kind of money? What could a Director and MD expect to make?