Accenture(ATS) v IBM (Computer graduate position)

ATS work is more technical (development, maybe some testing). Some consulting analysts will do this too, but some will be assigned to process/functional design, project management office admin, powerpoint monkey work etc. The consulting analysts will be expected to move into 'team lead' or more senior functional positions within 2-3 years, and on to project management in 5-6. If they dont cut it they're out. The ATS people will remain focused on development/implementation.

ATS, from what I can see, has more of what the company calls 'landing points'- i.e. you can be recruited in at any position and remain at that level if you want to. If you want to progress & be promoted etc., there is a defined career path there, but it is slower than the consulting track, e.g. you could be in ATS for 8-10 years before being promoted to Manager, whereas in Consulting you would be expected to get there in 5, maybe given a little leeway to make it in 6, and shown the door if you hadn't made it after that.

The difference is more pronounced for people with several years experience. If you're in ATS, OK so the money isnt as good but the pressure most likely isn't as bad. You're probably responsible for delivering an application to a client, making sure that the code works and the integration with the legacy systems works.
The project manager (who might have the same number of years exp) is responsible for the whole project, keeping it on schedule and to budget, managing the margin, is under pressure from sr. mgt. to sell the next piece of work, to keep the client happy, to contribute to lots of internal company initiatives etc etc etc. Its a much broader role and the PM's I know have a hell of a lot tougher time than some of the more senior ATS guys.

Now, if you're just starting off in work, the jobs that a consulting analyst and a junior ATS person would do are often the same- some development/config, testing etc. It causes tension on projects ALL THE TIME when the ATS guys are less magnanimous than you about the pay differential when they're doing the same work...