Relative to QA in the gaming industry I assume. I'm pretty sure (though I'm making significant assumptions, apply pinches of salt as appropriate) our testers are on less than our “standard” developers, certainly not more (though I think more than the junior/grad level), and that this holds for places friends work at.

How much “a respected part of the development process” holds true varies a lot in my experience, and depends on your PoV. A lot of places consider QA to be much less skilled work, a step (maybe two) above shelf-stacking, but still consider it vital to project success and needing enough thinking & understanding that it is far from all automatable.

> QA is a career that

In terms of career, I get the impression that QA management is much more respected and paid, but that there is comparatively less demand for people of those higher positions so upwards movement can be slow/difficult. This is one of the reasons why a lot of people who start in QA move sideways into development: there is greater opportunity for moving up.