Pros
The brand name, training, work environment and the people you meet everyday. Ernst and Young follows the punch line "Quality in everything we do" and that is really a fact. Although, it become tiring after a certain time but when one sees the end result it gives a sense of accomplishment. The Managers and Senior Managers really know the thing they are talking about and this really gives a great learning opportunity to the staff and senior in an engagement. You can make good friends and there is a decent work life balance. Overall its a great place to begin your work life.
Cons
Long hours, compensation and uninteresting engagements. The review process of Ernst and Young is really tiring and that makes one work really long hours. The pay factor becomes really important and if at all they can do something about it then they can retain a talent for much longer period of time. Also the fact that one is asked to do much more different things than they are hired for. It is good that you are learning more but there is a point when one feels that you are doing more stuff in other department than the one you are hired in.