Investment management Post MBA: Less Sexy industries

Is there any reason i shouldn't take a post-mba roles in investment research at pension funds, insurance companies, etc? I think the cons are location (third tier cities or suburbs), pay (no sign-on bonus?, low base, capped bonus at max ~50%). But unsure as to if the development opportunities would be the same (can i exit into a traditional asset manager like PIMCO from a pension/insurance stint?),growth (at most investment shops, don't analysts typically stay analysts?) I'm mainly looking at total return funds. Also curious as to the type of people i'd be competing with if anyone knows (is it PWM, ER, IB, or traditional buy side seekers?)Would love to get the sub's opinion, thank you