Pros
Management is smart and dynamic, leading to constant growth and new opportunities. The firm has a strong brand, which gives current and former employees credibility in the marketplace. As a global organization there are ample opportunities for collaboration across cultures and time zones. Local offices often develop their own entrepreneurial culture in the context of a larger organization.
Cons
Pressure is high, and often change can disrupt career plans. Change happens often. Little to no perks. Only MDs get offices. Almost Spartan cost culture. The legacy of being part of Morgan Stanley in the investment business is extra security and control on internet access and personal communications. Not quite as bad as working for a broker/dealer, but still pretty bad.