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The latter if targeted
For more context, very few in house roles do M&A. So any move from m&a to in house comes with a slight retool (although the gap is small given the generalist nature of M&A, hence why people think it's an optimal practice area to exit from). But if you are in a niche group and you're applying to an in house role in the same area, it's a very strong pipeline to move in house with.