Pros
If you're looking to pursue a career in securities regulatory compliance, then working as an analyst at ACA is an ideal position for you. ACA has implemented a well-designed and well-structured analyst training and development program that allows analysts to build a strong familiarity with the asset management industry and a deep understanding of how this industry is regulated in the span of just 2-3 years. Analysts typically spend 3-4 days every other week "on-site" at the offices of asset management firms that engage ACA, working together with 1-2 experienced ACA consultants to review and evaluate these clients' compliance programs (these clients are mostly hedge fund managers and private equity firms). Through these frequent "on-site" client engagements, analysts gain valuable client interaction skills. As an analyst, you will typically work "on-site" at more than 20 different clients each year. As a result, analysts tend to gain a diverse exposure to a variety of investment strategies, company cultures, operational challenges, and compliance risks. The analyst position involves a significant amount of writing. We regularly draft compliance review reports and edit clients' compliance manuals. This work give analysts ample opportunity to hone their writing skills. Perhaps, most importantly, ACA offers a collaborative and pleasant workplace atmosphere. While ACA's consultants are generally hard-working and professionally-driven, they also tend to be friendly and down-to-earth professionals who are eager to take the time to help mentor analysts who are less knowledgeable and experienced than them. In my experience so far, nearly all ACA consultants have been a pleasure to work with. Given the nature and frequency of ACA's on-site client engagements, analysts have extensive interaction with consultants. Most of these consultants have significant experience working for the SEC and/or working in-house for asset management firms. Therefore, every other week, analysts have the valuable opportunity to work alongside experienced compliance professionals and hear their well-informed perspectives and opinions on asset management regulatory compliance.
Cons
I'd say that from a career-development standpoint, this is an ideal position, and I have very little negative things to say about the day-to-day experience of working as an analyst. Like almost all attractive junior positions in this area, this position entails a good amount of "busy" work that doesn't require as much critical thinking. But in my experience so far, there is far more substantive work than busy work that I do on a daily basis. That said, the only aspect of the analyst experience that could be improved is the compensation. Once you get promoted to consultant, the compensation does get much better, but entry-level analysts will generally need to work for 2-3 years before they can be promoted to consultants. Other than the compensation, however, I can't think of any significant negative things to say about this job. And that says a lot about how positive of an experience I've had so far at ACA.