Pros
The people I worked with were nice people. You have flexibility in your life to work from home when you need to. The occasional fun office event was nice. You were recognized when you passed an exam.
Cons
Management doesn't really care about the analysts. They care if you aren't billing enough hours, but that's about it. Compensation was low compared to insurance companies in the area. They started to cut 401k matching. I was given a "promotion" in title, but my salary stayed the same and my over-time pay was taken away (this was to match Watson Wyatt's pay structure in the merger). I got fewer days to study for my exams, I had to pay for seminar fees from my own pocket. Several things just show that the leadership does not value its hardworking analysts. I'm glad I left and not surprisingly; people at all levels have followed suit.