Pros
As a diversified company, there are occasional opportunities to transfer within UBS to other divisions should one like to pursue a different career track. In addition, it provides fairly good training opportunities to deepen one's understanding of tricky modeling and accounting situations, with the caveat that one can only attend if current projects allow (and one's manager sees value in the training). In addition, although the global research settlement prevents direct interaction with the research analysts, UBS has fairly useful internal tools to see how analysts have constructed their models should one need confirmation on one's own assumptions. Finally, as an investment bank, salaries and bonuses are average for the industry.
Kontras
The highest level management is located in Switzerland, which not only means that it is largely disconnected from the some of its most profitable markets (US, Asia), but its overly conservative culture restricts the ability of local leadership to adapt to changes on the ground in a timely manner. In addition, like other places to work, politics plays a heavy role in how favorable projects are assigned and promotions are given. Mistakes in investment banking are especially costly, but will be overlooked on the basis of certain relationships. Finally, UBS has been relatively stingy with resources, such as subscriptions to certain information sources or modeling tools that would help increase efficiency.