Graduate School is actually Work

It is the case that graduate school is actually a lot like an office job. It certainly has differences, but the similarities are really key.

Similarity: We have bosses, and we work for them in a somewhat organized way.
Difference: Our bosses often change periodically

Similarity: There is a hierarchical set of strata and at any one time we have bosses on each stratum.
Difference: We're not always fully aware on which stratum each boss currently lies

Similarity: deadlines, always with the deadlines
Difference: We are much more likely to take the work home and loose sleep working on it at all hours.

Similarity: Lots of office drama
Difference: none, it's the same kind of drama (although, generally, there's much less inter-office romance)

Similarity: We work 40+ hours per week (much closer to 50 or 60 I'd guess)
Difference: We can choose our own hours, but we get paid about 1/3 of what our time is worth (though our benefits are pretty darn good and we're kind of interns anyway)

Similarity: omipresent, endless meetings
Difference: most are not mandatory

Similarity: We needed to be hired for this position
Difference: We know we're gonna be fired/replaced in less than 7 years