Functional or Technical consultant?$

Though in the long run functional consultants tend to earn more and rise to the position of PMs. However, considering that you are a fresh graduate it would be a better choice to go on the technical path initially. Oracle technical can be a highly rewarding career choice. Being a functional consultant requires more experience and exposure which you may not have at the moment.
After a few years as a technical consultant, you may chart a path for yourself as a functional guy.