Pros
If you take a position at Alger, you will quickly develop tight, long-lasting friendships with colleagues who also suffer in the prison-camp like environment. In addition, almost all alums succeed elsewhere due to their strong work ethic so Alger has a good reputation to hire from. Finally, you will enjoy the free snacks and beverages. My recommendation is that if you are just starting out, take advantage but leave before you reach the end of 2 years. If you are experienced, do not go here unless you don't have any other choice and can get out within a year.
Cons
There are honestly too many to list... the highlights are: 1) you will develop Stockholm Syndrome - Management offers just enough perks/parties/trips to think it is not that bad especially given long-term goals but these objectives are never reached because management lies a LOT - there is no investment process so it is definitely not analyst driven; 2) management is arrogant and condescending, they won't listen to you and will make up information to support their case, especially as it relates to comp or advancement; 3) comp is based on relationships and what sector you cover rather than actual performance - deferred comp uses complex formula that should be viewed as 10-25% of original grant; and 4) the office space seems great until you realize you are a zoo animal or prisoner in your glass-walled office with concrete floors.