I have been a midwife for 15 years and am just in the process of leaving and becoming a health visitor. I will give you my honest opinion.
The degree is quite hard. I didn't have children at the time and you have to juggle uni lectures with shifts (nights, weekends etc - you just follow your mentor). There were loads of times when I ended up staying well after the end of the shift to be with a woman for the birth. I know from the student I mentor now that the course is really competitive; firstly to get a place and then with achievements on the course itself (how many deliveries have you got? Have you seen a breech birth? Have you delivered twins? etc etc).
I loved the job until about a year ago. It can be amazing for obvious reasons and in ways you can't imagine. I find caring for people at a time of miscarriage or stillbirth one of the most rewarding aspects of my job - others hate it.
It is emotionally and physically draining. 13 hour shifts with no drink, food, or wee are common. On Sunday I was confronted with a very scared, anxious, upset, cross couple who couldn't understand why, after 48 hrs of latent and active labour, that their baby couldn't just be delivered by CS. Despite constant reassurance, explanation, support, & encouragement she was too knackered to even understand me. He was so angry because he couldn't control the situation and I had to deal with that. It is hard.
The resources are crap ( think 15 delivery rooms staffed by 7 midwives) and pressure to tick every box for clinical governance purposes. Some people can't manage the stress and responsibility of looking after two lives. Poor outcomes are unforeseen and thankfully rare but they can mentally scar you.
You don't just deliver babies. People think this is what the job is but you obviously do so much more. For some midwives this is a key part of the job but for some it isn't. You may be allocated to a delivery suite and not see a normal birth for a month.
Shift working is not conducive to family life in the long run. I have had never had a whole Christmas/new year off and the swapping between days and nights screws up your health.
BUT - I will never be able to describe the priveledge of working with women during pregnancy and childbirth and the thrill of being the first person to touch that new life. Unfortunately it is such a small part of the job.
It is time for me to move on and such a hard decision it has been. Find out as much as you can before you committ to it.