Pros
Solid benefits. Health, dental, and vision. Prime location. AQR is located literally right next to the train station, which often makes for a less taxing commute. Free meals. Breakfast (hard boiled eggs, cereal, cheese), lunch, and dinner. Stable business. Let's face it, AQR is not going anywhere anytime soon. That doesn't necessarily mean you have job security, but just that the firm itself will never blow out completely because of its diverse investments. AQR is becoming the next Vanguard.
Cons
Too academically narrow-minded. AQR favors PHd candidates as opposed to industry professionals. Many see this as a big benefit. I don't, frankly, because finance professors are only concerned with using non-PHd employees as code monkeys for their research. It's like working in a grad student lab, except there is no tenure track to look forward to. Lack of innovation. When Cliff goes and publishes a paper on "Top 10 Myths about Momentum Investing", you know that he's running out of ideas. Similarly, AQR is laser-focused on investing in new asset classes: strategies are (I kid you not) being ported over from one asset class to another, because, well, "Value and Momentum Everywhere"! Extremely political. Take a quick look at the partners. The vast majority of them are either young hotshot PhD's that Cliff gets along well with, or have stayed with the firm ever since the beginning. There are maybe 1 or 2 exceptions. This means it is nearly impossible to climb past the position of a VP (which, by the way, is a standardized role). Variable mentorship quality. AQR is a top-heavy firm (more VPs than Analysts or Associates). This means the mentorship can range from extremely poor to average. Each person looks out for himself, and only himself. There is very little desire to help you progress, because that will only mean more competition. Long hours. Employees average 60+ hours/week. They are lured to stay with free dinner, but this creates a herd mentality where employees leave later and later. AQR is very much becoming like a bank, and face time is a necessity (despite how much they tell you it isn't). Poor compensation. Relative to the other quant funds, AQR pays extraordinarily less (we're talking >50% pay cut in 5 years). AMG, in 2004, staked AQR while they were in need of additional funds. This position still remains today (you can find AQR on AMG's website), so they claim a gargantuan share of AQR's revenues. Furthermore, AQR is increasing AUM and number of employees at the same rate. This by itself would be no problem, except that AQR is moving towards becoming solely a mutual fund, which means the management fee is decreasing over time. Thus, revenues per employee decreases. It is also no secret that the founding partners claim the lion's share of profits. Finally, AQR is one of the few top-heavy firms, so more than 50% employees are in managerial positions (VP and above). How can compensation be competitive with all of these looming factors? HR manipulates reviews.