We had 8 in our cohort at the beginning of the year, and now there are 7. Most of the clinical classes are small, however, we do have a few courses that are combined with other departments (e.g., school psych, cognitive, neuroscience, developmental, social/IO) or with other cohorts within our own department. I think the largest class sizes have still been only somewhere between 20 to 30 people.
Pros? Everyone gets to voice their thoughts, opinions, etc., if they wish to do so. Easier to study as a group, as we can all get together in a small location with minimal troubles.
Cons? Sometimes those thoughts, opinions, etc., are the same and you get tired of hearing them because they get predictable. I find the larger class sizes tend to have a wider variety of opinions. Sometimes you might not have a thought TO voice, but you're sort of expected to do so anyway if it's a smaller class. Sometimes you get really tired of hearing the same ole' nonsense from particular individuals. Oh, wait, I think that I may have already mentioned that, didn't I?
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The previously mentioned pros/cons only apply to CLASSES. You should also take into consideration other resources that may be limited to you with larger cohorts. For example, if there is a research component to your program (OR if not and you are interested in obtaining research experience), then more people likely mean less time invested in YOU. I see this even in our small cohort. Profs with larger labs tend to spend less individual time with their students than profs with smaller labs. Profs who accept two students instead of one may spend less time with you than a prof who accepts only one.
It's easier to get to know smaller cohorts. You tend to be a bit more intimate with them than larger ones, although this is not to say that you may not be intimate with a group of individuals within a larger cohort. It's generally easier though to get to know a handful of people than umpteen dozen, but then again, you might also realize that you don't want to know those people better after a period of time. Of course, these observations may be a matter of personal preference.
For the most part, I like my smaller cohort size better and I wouldn't want to be within a group of 15-20+. I may not get as much diversity, or I may not be able to ignore someone from my cohort when I want to as easily, but overall I'm satisfied with the smaller size. But then again, this is simply MY personal preference.
G'luck w/ your decision!
** Forgot to add, this is a PhD program if it makes any difference.