Pennsylvania Business Broker & M&A Advisor License Requirements
Becoming a licensed business broker or M&A advisor in Pennsylvania requires meeting specific education, exam, and experience standards. This guide covers every requirement, fee, and regulatory pathway for Pennsylvania as of 2025–2026.
License Type Required in Pennsylvania Real estate broker license required. Pennsylvania business brokers operate under the Real Estate Broker License, regulated by the Pennsylvania Real Estate Commission (PREC).
Education Requirements
Pre-license (salesperson): 75 hours of approved coursework
Experience Required 3 years as licensed salesperson/broker.
Exam & Licensing Fees
Exam: PSI national + Pennsylvania state exam
Application fee: $107
License fee: $107
Exam note: Pennsylvania's 240 hrs broker requirement is among the highest in the country
Continuing Education 14 hours per 2 years required to maintain active Pennsylvania broker license. Include mandatory ethics and law topics.
M&A Advisor Requirements in Pennsylvania Pennsylvania (Philadelphia, Pittsburgh) has active M&A markets in healthcare, energy, and financial services. Business brokerage uses the PA real estate broker license. Pennsylvania Securities Commission oversees securities laws. Mid-market M&A advisors commonly affiliate with FINRA broker-dealers. The Philadelphia-area market is particularly active in healthcare M&A.
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 Pennsylvania 1. Complete 75 hrs pre-license coursework 2. Pass the PSI national + Pennsylvania state exam 3. Obtain your Pennsylvania salesperson/associate license 4. Work under a licensed broker for 3 years as licensed salesperson/broker 5. Complete 240 hrs broker pre-license coursework and pass the broker exam 6. Pursue CBI certification via IBBA to establish market credibility