Quantum Excitations In the context of quantum mechanics, is the Schrödinger equation actually describing some sort of an actual wave in some field like light in EM field ? So all particles are actually waves in their respective fields ?
 A: In QM the Schrödinger equation, is the equivalent of Newton's law in Classical Mechanics. The Schrödinger equation describes the state of a quantum system (i.e. atoms, subatomic particles etc.), and how the quantum system changes over time. I think you are getting confused because there are two main places where the term wave appears. 
(1) The Double Slit experiment
(2) The Wavefunction (Heisenberg Uncertainty Principle)
Waves appear in (1) because the Double Slit experiment, proves that particles can have the properties of both particles and waves. 
The wavefunction (2) is the answer to Schrödinger's equations and describes the state of one or more partices in the system. Quantities, such as average momentum, average position etc.can be derived from the wavefunction - again the analogue of Newton's equations. 
BUT most importantly, the wave of the wavefunction is not an physical wave. The wave described by the wavefunction is an abstract wave that describes the probability of the quantities. 
Therefore, no, the Schrödinger equation is not describing different particles in their respective fields, it is describing particles as (1) particles and waves (because that's what they are), and (2) functions of probability.  
