Chemical engineers use the principles of physics, chemistry, biology, and math to solve problems that have to do with food, drugs, fuel, and much more. They design algorithems and gear for large scale manufacturing, plan and test those methods of manufacturing the products, and supervise the production.
If you had this image of scientists working in a laboratory then you'd be right, Chemical Engineers operate in offices and labs. They may spend time in industrial plants, refineries, and other locations that allow them to monitor operations and solve on the job problems as well. If you plan to become a Chemical Engineer, then you won't have much free time as you will probably be working full time.
In order to become a Chemical Engineer, you must have bachelor's degree in Chemical Engineering at the least. Employers also look for practical experience, so things like cooperative engineering programs in which you get college credit for the job experience, are very valuable.
In May of 2012, the official pay for a Chemical Engineer was $94,350. Pay is very good when working as a Chemical Engineer, as your salary will increase with the amount of time you work there. Therefore the more experienced you are, the more you get paid.