Pros
Work with (mostly) smart people and get paid (in good years) a lot Most people are very friendly and always willing to help Learn about the financial system if you want If you're smart and willing to network like crazy you can get ahead pretty far
Cons
Expect to work very long hours (jokingly referred to as Goldman hours) Management is all about pleasing your next two levels of managers and impressing the rest Mid level managers often see their reportees as either useful for advancement (cause they have good ideas) or cannon fodder for weekend work If you can fake competence you're set High level of risk aversion unless your back is protected, CYA is an artform A lot of the best people have already left for Google, startups, etc. Only the slow and the ladder climbers remain