Pros
You can pretty much make your own schedule and work from home, which can be a real advantage. You are reimbursed for mileage and there can be opportunities for TDY. Some supervisors are very good. Benefits are good too.
Cons
Biggest Con is the pay. $18-20 an hour is the "industry standard", but it shouldn't be. We need to demand more when we interview for these positions. It's basically what a first-year teacher makes. Also, there are no yearly performance reviews or merit increases, so you could potentially do this job for years and stay at the same low rate. Considering how demanding, irritating, ever-changing, and capricious the guidelines and reviewers are, we deserve far more than what we get and we need to start asking for it. They've introduced a bonus plan but it's laughable. It's based on points/cases closed but the requirements are so high, and the value for the cases so low, that few get any real $$$. I only know of one investigator in my area who got a bonus (he said it was so low he didn't even notice it in his check). Yes, you get mileage, but there is no gas card or vehicle allowance - so there's nothing to help with the wear and tear on your car. And don't tell me that that can't be done because I've seen other companies do it. When I was hired, my work area was a radius of 50 miles...a few months ago it was suddenly 100 miles without explanation. IT is a joke. The personnel are friendly, but there is inconsistent follow-up, and systems are always crashing or freezing. It's funny, considering that IT is literally a part of the company's name.