Pros
Very smart people from huge range of backgrounds. Work closely with investor clients on diligence into public and private companies. Regular interactions with C-level industry executives. Lots of offices (Boston, Chicago, NYC, LA, SF, Austin, DC, etc), so you can travel frequently without having to take vacation days. Managers are very good on the whole, no one manages just for the sake of managing. A lot of freedom if you perform well.
Cons
Sometimes complicated and advanced work with investors (I was a liberal arts major...), but nothing you can’t learn. Long hours sometimes (normally 8:30 - 6/6:30, but sometimes 8:30 – 7:30 or 8:00 during busy times). You have to juggle a lot at one time and you always have a lot going on. You also get a lot of responsibility pretty early on so you have to learn the job quickly, but training is very good so not really a big deal for most people.