I would like to extend this a bit with my experience.
Here is the path way:
1 Join as project lead under PM
2 Become project manager
3 While you in 1 and 2 role, acquire business process knowledge and financial acumen of industry that you are managing projects for.
4. Become project manager with specialized industry (sharper your skill and acquire knowledge of specific industry)
5. Join as junior consultant to assist complete Merger and Acquisition (strategy to hunt to closure post merger integration)
6. Join as full time consultant to lead complete Merger and Acquisition (strategy to hunt to closure post merger integration)
7. Perform this role for next 8-10 years – small to medium to large scale companies in the same industry
8. Lead a business team of this industry and be head of business in M&A for this vertical
9. Take CEO role of M&A company
10. Form your own company in this space providing consulting services on M & A