Pros
You definitely learn a lot in a short amount of time; casual dress code; niche industry (which can be a good or bad thing)
Cons
First off, I worked as a fund accountant doing fund administration. This is a very specific area of accounting, which can be good for those looking to specialize in fund admin, but bad for those looking to keep their options open in accounting (if you stay here too long, all your experience will be in private-equity accounting and can be difficult to leverage this knowledge to other areas of accounting). Otherwise, I was not happy with the constant overtime, micro-management, client demands, and overwhelming work. The amount of responsibility given to non-management employees did not equate with the salaries. No wonder there's such a high turnover rate in the company. Most people don't make it past 2 years.