The phrase is 'in light of the above'. And it is unnecessary in your sentence, it doesn't add anything or make any real sense to be honest. I agree with Larry. Saying 'After taking into account the pros and cons...' is perfectly fine.
You use 'in light of the above' to introduce a concluding statement. For example say you have already discussed the pros and cons of a situation. You then can use this phrase to sum up and say what your opinion is of the matter e.g. 'In light of the above I feel that...'