Most real (post Grad) consultant at IBM are a result of the old (and superb) PWC grad scheme, many (not all) of which are now unhappy or working elsewhere. At the time of my departure I could see little evidence that IBM properly understood the ambitions or requirements of a budding grad consultant, nor had a real inclination to invest in a scheme. Expect a more technology orientated body shop from IBM. You may also find if your a capable ambitious grad, that the clear structure of the IBM scheme translates, in reality into a restrictive bureaucracy. Either firm will give you the opportunity to work alongside some excellent consultants, both will be good for your CV.