The diagrammatic t-matrix approximation has often been adopted to describe a dilute Fermi gas. This approximation, originally considered by V. M. Galitskii (Zh. Eksp. Teor. Fiz. 34, 151 (1958) [Sov. Phys. JETP 7, 104 (1958)]) for a repulsive interparticle interaction, was later widely utilized for an attractive Fermi gas to describe the BCS-BEC crossover from strongly overlapping Cooper pairs in weak coupling to nonoverlapping composite bosons in strong coupling. Several variants of the t-matrix approximation have been considered in the literature, which are distinguished by the degree of self-consistency allowed in the building blocks of the diagrammatic structure. Here, we perform a systematic and comparative study of all possible variant...