Pros
If you know what you are doing, there are a lot of opportunities - many industries, can get promoted, etc. Just make sure you are part of the right "cliques". You can work with many different client's and get exposure to their management early on in your career. By the end of your second year you are basically expected to take over the client relationship, so the learning curve is steep, but it can be very rewarding. Many good people at staff level (but to move up you definitely will need to drink the cool-aid). Your overtime can be turned into additional time off, so if you work a lot of hours during the busy season, you can potentially have a lot of time off in the summer. Meals and treats during busy season. Some at management level recognize the various issues and are truly trying to make it a better place to work, however various policies from top management frequently undermine these efforts. There is a really big push to advance more women within the company. Management supports various groups, training, and additional flexibility for mothers. Bottom line, your experience can very significantly based on the people you work with directly.
Cons
No "one team" mentality - everyone is on their own (even partners fight among each other to get billings). Every office operates in silos mostly independent of each other. The firm has dropped in accounting firm rankings, making it difficult to get good clients, so now they just take whatever they can get. The firm also has a hard time hiring and retaining skilled employees (as many other public accounting firms), so seniors and managers (how choose to stay at the company) are stuck doing staff work covering for them. Salaries used to be competitive, yet since the economy improved they lag behind. As the company is not growing, and the partners have to make their money, everyone else seems to be taking a hit. Very stressful during busy season, with much of that stress being internally created with no benefit to the client's or the company. Sweat shop mentality. Poor benefits. People actually left due to family coverage being too expensive, especially on a staff's salary. Narcissist partners who enjoy making staff feel like crap (yelling, swearing, thumping fists on tables, etc.). No mandatory retirement for partners (like at big 4), so the culture most likely will not change for a long time. Outside of busy season staff have to walk around and beg for work (if no one gives them work, they are considered poor performers - basically a popularity contest) - partners call this "being entrepreneurial". Staff take after that, so no one helps each other unless they are specifically told to. Every department is treated differently - it can make a huge difference which group you work in and which partner you work for. Annual review process is a complete joke. Basically a popularity contest (it matters more who you hang out with then the quality of your work). Limited flexibility - officially there is flexibility, especially if you make it to manager level, but staff are treated like children, not professionals. Some partners walk around the office twice a day to check who came in at what time and when they left (even when they have no work). Budgets for jobs are mostly unreasonable (the company's slogan should be "we will beat any price"), causing almost everyone on the team to under-report their time, and yet still get complains from partners and managers. Very poor communication of company strategy (maybe because there isn't any) - employees learn of new offices or divestitures from the news. If you are looking for a job, stay away; if you work there - get out (there are better places out there)