Michigan Business Broker & M&A Advisor License Requirements
Becoming a licensed business broker or M&A advisor in Michigan requires meeting specific education, exam, and experience standards. This guide covers every requirement, fee, and regulatory pathway for Michigan as of 2025–2026.
License Type Required in Michigan Real estate broker license required. Michigan business brokers operate under the Real Estate Broker License, regulated by the Michigan Department of Licensing and Regulatory Affairs (LARA).
Education Requirements
Pre-license (salesperson): 40 hours of approved coursework
Experience Required 3 years as licensed salesperson/broker.
Exam & Licensing Fees
Exam: PSI national + Michigan state exam
Application fee: $88
License fee: $143
Exam note: Must complete 3 years as salesperson before broker exam
Continuing Education 18 hours per 3 years required to maintain active Michigan broker license. Include mandatory ethics and law topics.
M&A Advisor Requirements in Michigan Michigan's automotive, manufacturing, and tech sectors are active M&A markets. Business brokers use the LARA real estate broker license. Michigan Department of Attorney General's Securities Division oversees M&A-related securities activity. FINRA Series 79 is standard for M&A advisors on deals above $10M.
Industry Certifications (Optional but Career-Critical)
CBI (Certified Business Intermediary) — International Business Brokers Association (IBBA)
M&AMI (M&A Master Intermediary) — IBBA, for deals $5M+
CMAP (Certified M&A Professional) — AM&AA
Series 79 (Investment Banking Representative) — FINRA, for larger M&A advisory
Series 82 (Private Securities Offerings Representative) — FINRA
How to Get Started as a Business Broker in Michigan 1. Complete 40 hrs pre-license coursework 2. Pass the PSI national + Michigan state exam 3. Obtain your Michigan salesperson/associate license 4. Work under a licensed broker for 3 years as licensed salesperson/broker 5. Complete 90 hrs broker pre-license coursework and pass the broker exam 6. Pursue CBI certification via IBBA to establish market credibility