Pros
If you are jr or entry level you gain a very broad view with respect to different asset types e.g. equities, swaps, bonds, OTC derivatives, and how different asset managers invest. You get to use and learn bloomberg and a lot of people have strong, though not expert handle of excel. Beer after 5.
Cons
Incompetent and poor leadership-- From directors to account managers, the leadership of the firm are mostly reactive to problems. There are persistent issues such as poor operations, high turnover and poor training but instead of anticipating issues before they become huge problems management reacts and creates a giant fire drill for all involved. There's too large of a focus on management creating more business and gaining more clients than improving processes with already existing clients. This leads to severe turn-over and very poor morale.