Pros
I was in a rulemaking office, and I got great exposure to regulatory work. I got assignments on several high-profile proposed rules. I sat in on meetings with big trade organizations and advocacy groups. I listened to the SEC staff debate changes to proposed rules. I also got a sense for the other Divisions in the SEC and solid face time with the attorneys within my Office.
Cons
I spent a lot of time on repetitive, semi-substantive assignments (filling out excel sheets with data, etc.). The attorneys I worked with on these projects appreciated my effort and the boring work always lead to more substantive assignments. But, in general, this externship had more rote, repetitive work than the other legal jobs I’ve had during law school. Also, the SEC has somewhat onerous rules around applying to jobs in the securities area during your externship. If you are looking for jobs while working in the SEC (which basically all law students are), then it might be worth asking about these rules before you accept an offer. Also, it’s worth mentioning that this position does not lead to guaranteed employment at the SEC. However, doing the program qualified me to apply for a few SEC fellowship positions, and it gave me plenty of good experience to talk about in subsequent job interviews.