Pros
You get to work with some awesome people. The average person at EY is motivated, intelligent and fun. You get good access to leaders (each partner is like a mini-CEO), especially due to the open-plan office. Clear career progression. Learn a lot very quickly about different industries and processes. Can be a great place to figure out what you're passionate about.
Cons
Lots of politics and some leadership who burn through staff. Pay is low. Not much choice as to which projects you get put on, and some really suck (lots of travel, long hours, boring work). Learning & Development is second-place to chargeable work. KPIs do not reflect what staff have control over (especially utilisation). Some difficult clients / clients who don't really want to change. Can be disheartening seeing the ideas and reports shelved after an engagement Lateral hires from industry often struggle - basic consulting skills are a must to succeed and these aren't taught well.