Pros
on of the top companies in financial industry. lots of good training is offered. access to a lot of resources. mba is paid for. training program if you can get into it is great. great experience that is valued in the industry.
Cons
Large company so you feel like a cog in a wheel sometimes. A lot of turnover and turmoil. a lot of red tape. SOX compliance can be very painful. a lot of proprietary technology and internal libraries are used which makes and IT person a lot less marketable. Not a lot of freedom in chosing technology. Everything has to go through an architecture committee which means that a lot of good technologies make it to Morgan Stanley a lot later. Generally hours are long which makes work/life balance impossible. Tough to advance in fixed income IT if you are a woman. In fact most women tend to leave after they start families.