Pros
It's a great place to start your career if you majored in quant/econ, or make your career as an economics Ph.D . For junior analysts, there's great placement into top graduate programs (almost everyone ends up "trading up" a school tier) into MBA, Law, PhD, etc. Colleges are very sharp, intellectual, friendly, and polite. Definitely very collegial atmosphere, but despite recent pushes not all that collaborative. Very reasonable hours for consulting, even for econ. consulting. Has to be one of the best econ shops out there for work/life balance.
Cons
very repetitive work, wildly inconsistent management styles (these are PhDs, not trained managers, remember) -very quiet, sterile atmosphere. Kind of like a library with the occasional purr of typing, rustling of paper, and shuffling of feet. Obviously not a con if you're into this environment, but just not really my preference.