What does it involve?
Consulting is a very wide term indeed and covers everything from advising businesses on specific technical challenges to helping governments work through knotty funding questions. Consulting is a very commonly misunderstood sector, particularly amongst graduates.
Consulting is not interchangeable with 'advising'. Certainly, consultants do advise but, and particularly at the junior end, this won't be the bulk of what you do. The reasons companies hire consultants are various but ultimately come down to one thing; it doesn't make sense to hire people full time, so consultants are brought in on a temporary basis (for a 'project').
Ultimately, most consultants end up 'doing'. They become additional members of the client's team, working towards a particular goal. And when the project is over, they head off to another team at another company where they work towards another goal.
At its best: Huge variety with exposure and influence at the highest levels of fast paced, large and/or innovative companies, developing a range of management skills and gaining invauable experience.
At its worst: Formulaic and repetitive, you feel like an 'employee for hire', working on mundane and un-challenging projects for companies which don't interest you, producing the same slides or graphs time after time.