Pros
Well known with good reputation in investment community Very competitive pay if you come in with experience and work there a few years Very good benefits, particularly at MD level
Cons
Very political. Pressing palms with the right people or getting the right mentor can take you far. If you aren't lucky enough to get those connections or don't have time for that (many don't) good luck. There are many who will stab you in the back to get ahead. I've had friends leave whose supervisors robbed them of credit to get ahead. That said, my boss was awesome. A company of specialists. Don't expect opportunity to learn other skills outside your area of expertise. Many senior execs don't see upside to developing people. Getting more widely known that retirements of "cultural ambassadors" have allowed for a negative shift in the firm's culture.