Advantages
1. Money
For most people money is a big factor when choosing their career for the fututre. With chemical engineering this is not an issue, because it is one of the higher paid engineering practices.
2. Job Security
Because of the never ending need for chemical engineers, and the high demand and low supply of them, once you have a job as a chemical engineer you usually are in the driver seat when it comes to whether you keep your job or not.
3. Fulfillment
this may be a more opinionated advantage, but when working as a chemical engineer you really are making a difference with what you do by making other peoples lives easier and safer. This sense of fulfillment is definitely an advantage.
Disadvantages
1. Years of Schooling
Even though chemical engineering is only a fraction of what medical doctors would go through, but it is still most definitely difficult.
2. Health
When working with all the toxic chemicals needed to create a finished product, accidents may seem easy to occur and can directly effect your health.
3. Pollution
Many reactions that you create, have by products that effect the environment and can really contribute to global warming. This may not be the easiest thing to think about for some.