Pros
Decent salary. Positions exist mostly worldwide. If government contracts are interesting to a prospective candidate, then this is the ideal place. If you are affordable, the firm may pay for your security clearance. Most people who work at client sites are intelligent, productive, and genuinely good people. Be prepared for a rigid management hierarchy, which may be attractive to inexperienced college graduates, or other newcomers to the consulting industry.
Cons
Employees are always hunting for stability and job security; at least an extra ten to fifteen uncompensated hours each week is expected, otherwise one is not considered a "team player." Most employees work at client sites, deal with client concerns, and generate income for the firm. Many employees work in McLean offices and write proposals without truly understanding client service. To attain a position as a proposal writer, you should be young, female, and attractive. Proposal writers are always employed, despite not generating revenue for the firm. Proposal writers are usually promoted faster because they have more exposure to the corporate mothership. Benefit package deteriorated shortly after the firm went public. Employees lost two vacation days/year, and the once-generous automatic 10% 401K contribution (a key reason many took a position despite shrinking salaries) dropped to a maximum of 6% matching contribution. There is an ongoing purge within the firm, and very talented personnel are being cut or encouraged to resign because they are considered too expensive. Many talented personnel are leaving the firm in droves, and the place is hemorrhaging talent. This is a short-term gain for the shareholders, but does irreparable damage to the long-term sustainability of the firm's once excellent reputation. Expect to be released from the firm once your bill rate increases beyond what the Carlyle Group determines is too expensive.