This question already has an answer here:
- why do academics write peer reviews? 8 answers
The very first thought that comes to mind is that reviewing a paper is like giving back to the academic community. After all, one's own work is published after the efforts of some anonymous reviewer.
But what are the primary incentives that motivate so many researchers to voluntarily serve as reviewers? Does it make a researcher more established/reputed? How does it differ in the case of PhD students as opposed to faculty members?