Pros
I have been with TIAA CREF for 14 months. In the time I've been here, I've seen a Senior get promoted to a Manager and a Financial Analyst 2 get promoted to a Senior. I have also seen 4 people in my area apply for and get jobs in other, non-related, areas of the company. So I would say that career advancement, in whatever form you're thinking of, is available.
My starting salary was $62k, which is competitive in the marketplace. There is a great benefits package, including great insurance options, FSA Childcare Reimursement, Health Care Savings, 5% automatic infusion into employees 401k plan, and an additional matching of 3% more for a total of 8% annually contributed by the employer. There is an onsite wellness center with doctors and nurses, which only cost $5.00 to visit. TIAA will pay for your 1st Master's Degree as long as it supports the line of work you're in. There are many more benefits as well.
Different groups have different abilities to work from home. My group is very flexible and I work from home at least two days every week. However, my next door cube mate at work is in a different group/area, and they are approved to work from home no more than once a month, and even then the management frowns upon it. So different areas are different, and I guess the individual experience all depends on the area.
Also, it is very easy to talk to and deal with management. It is more of a friendly co-worker relationship than a hierarchy that is unreachable by the entry level workers. From the bottom to the top, everyone is very approachable and friendly. Very nice atmosphere.
Overall, I would say that I am very pleased at TIAA. I feel like I am well compensated, have a good work life balance, the opportunity for advancement, etc.
Cons
The only con I have seen so far is that when I was hired, I was told that the yearly bonus was typically 10-20% of salary. However, when my first bonus year rolled around, my bonus was around 5%. I was told that new employees who were not there an entire year were treated differently when allocating the bonus pool, and that the next year should be on track with what I was told when I interviewed.