Pros
FTI can be a good place to learn if you are lucky enough to be staffed on the right engagements and with the right managers. However, staffing is often luck-of-the-draw, especially in this slower economy. Management has been understanding and flexible with time off requests and though we often work long hours, there is an understanding of the need for work-life balance (at least in some offices/groups).
Cons
Especially at the lower levels, pay and promotions are not particularly merit based. Everyone gets the same (low) raises each year, regardless of performance. With a few exceptions of early promotions, everyone is promoted from Consultant to Senior Consultant after two years, seemingly regardless of performance or readiness. Performance management and review processes are long and involve a ton of paperwork. Time spent writing self reviews and quarterly engagement evaluations seems wasted, as what comes out of the reviews does not seem to have much bearing on compensation. Communication from management regarding overall strategy is almost non-existent and employees often feel in the dark about the direction the company is moving in.