Pros
There is a definite. explicit career path and goals along the way. Education and certification goalposts are well defined. To advance, one needs to reach certain certifications, certain experience level and demonstrate (prove) responsibility, leadership and entrepreneurial skills. No paper pushers (those work in Administration). In 9 years, I could advance 3 levels to lead my own Practice group, manage my own budget and earn overrides from my Practice members in place.
Cons
No glorified titles here: Consultant, Team Lead, Senior Consultant, Practice Lead. Bummer. Pay is lower to start, but training is provided and certifications are mandatory (part of yearly reviews). When not on assignment, one must work on in-house projects and either get training or train others in the company. Instructor Certifications are highly regarded and key to advancement. Instruction assignments at schools or clients are common and feedback is also part of yearly review. Writing white papers and technical reviews as well as creating mini-training videos is also considered a plus to advance. Getting PMP and/or CBA cert is key to Senior Consultant position and MBA or MS in mgmt is key to Practice Lead. However, they provide training and time to get those degrees on one's own time. Practice Lead income is high and only grows with practice.