Hi!
I am an Animation student, just started doing the course. My dream is to be either an Animator or just simply be an illustrator.
Since I’m new to this industry, would any of you have any advice for me on starting my career in the Film and Animation industry?
What should I look forward to in starting my career in this industry? What are the downfalls of doing this line of work?
Thanks 
Ask lots of questions and seek feedback from everyone. Try to network as much as you can while you’re in school, and be prepared to move around a bit to follow the work. You can still find “permanent” jobs in animation, but they are rare and typically only go to senior artists. So for a while you will likely be doing contract work. You can minimize the “nomadic” feeling by moving to a major hub with multiple studios.
On a non-animation specific note - learn to save your money and plan for the future. Particularly at the beginning, you will likely be living in 3-9 month cycles due to how your contracts will work. If you’re good and you’re in one of those aforementioned hubs, you will be able to quickly line up another contract, but there will also always be dry spells where you need to go a little bit without a contract. So it helps if you’ve saved as much money as possible. Don’t be afraid to pick up a side job during these periods to keep some money coming in.
Lastly, staying in the industry can be harder than getting into it. Never stop improving, and never stop networking and making new connections.