For MBA students, one of the most desired careers after graduation is Management Consulting (the others being Investment Banking, Investment Management, and Private Equity/Venture Capital).
While browsing, I came across an interesting article in HBR which talks about the trends in strategy consulting industry.
Essentially the article says that over the year competition has increased. Some of the reasons for this could be that there are more companies out there, there is easier access to resources and less barriers to entry because of the Internet and greater supply of talented people. Thus consulting projects go out to companies that can add more value than just strategy consulting. Typical workstreams now have IT, supply chain, analytics components within the project. Thus pure strategy projects are declining and projects focused on a specific function (e.g. IT) are increasing, and thus the opportunity to do strategy is now embedded within that initiative.