Is m&a integration / separation good for understanding what each function of the business does and how they interface which each other? Does the experience transfer well to an operating role?

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Yes to first question

Potentially to second. Managing a P&L requires more of a commercial mindset, which I am not sure you get much experience with in PMI/SMO work

It's a great way to understand what each function of the business does and how they interface with each other. The experience of working on an M&A integration/separation can be a valuable asset in an operating role. In an operating role, you will need to be able to understand the different functions of the business and how they interact in order to make informed decisions and to drive the business forward.

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