I was going to tell Blake that his figures are actually a little low. The EFA uses lower prices than Writer’s Market (which is what I use as a starting point for my pricing). Two tenths of a cent (.002) per word? That comes out to $100 per 50,000-word book. It’s a rare editor who can accurately process 50,000 words a day, so that would be dooming an editor to living off of about $50 a day. If an editor is earning such low amounts per book, then one of two things is happening: that editor has someone else to pay the bills (thus not needing a real income), or that editor is blowing through books far too quickly in an attempt to earn enough money to survive, and is leaving errors—in which case it’s pointless to hire that editor. Undercutting on prices is unethical and it hurts everyone in the industry. I would not trust that editor. Anyone who pays such low prices is exploiting another person, which is also wrong. Authors, be prepared to pay fair prices. Editors, charge enough to survive and don’t undercut the industry standards, because you’re causing harm to everyone in the field, including yourself.
Experience: Experience, including internships at publishing houses and work in other media—such as newspaper or magazine editing—also is important for prospective book editors. Moreover, connections in the publishing world, whether to another editor or successful writer, also can help your chances of landing a job as a book editor. If you are interested in editing books that deal with a specific subject, such as fashion or food, you should have formal training or work experience in that area to increase your chances of getting hired. To grow your network, you can join professional organizations such as the Editorial Freelancers Association (EFA).

It’s always sensible to follow due diligence in submitting your first draft of your book to an editor by making as fool-proof a copy as possible for you because first, it is your own creation, and secondly, a horrid draft sent your editor can end up frustrating both you and him or her. Make your own corrections to the extent you can, so that will make the job of your editor that much lighter and the end result would be a lot more effective.