Pros
You get your foot in the door in the financial service industry. However you have to do something within 1-3 years to differentiate yourself or you'll get stuck. I've known some people who went from fund accounting to managing billions of dollars but they didn't get there overnight and you have you pay your dues and work hard. Its been 3 years since i've been out of college and 1.5 years since I left my fund accounting job. Now I work in an investment consulting firm servicing institutional clients. Paying your dues will pay off in the end.
Cons
Compensation is very low. Stigma of working in the back office. Also the people are a major drawback- I notice a lot of people who don't know what they want to do with their lives and work here to pay the bills and then they wake up and realize they're 40. Other people want to be to be a buy-side analyst/trader/portfolio manager and get resentful that they never had the chance too however I never seen any of them try to take the next step by studying for CFA/MBA and keeping up with the markets.