Illinois Business Broker & M&A Advisor License Requirements
Becoming a licensed business broker or M&A advisor in Illinois requires meeting specific education, exam, and experience standards. This guide covers every requirement, fee, and regulatory pathway for Illinois as of 2025–2026.
License Type Required in Illinois Real estate broker license required. Illinois business brokers operate under the Real Estate Managing Broker License, regulated by the Illinois Department of Financial and Professional Regulation (IDFPR).
Education Requirements
Pre-license (salesperson): 75 hours of approved coursework
Exam note: Illinois has a two-tier system: Broker (sales) then Managing Broker. Business brokers need Managing Broker level.
Continuing Education 12 hours per 2 years required to maintain active Illinois broker license. Include mandatory ethics and law topics.
M&A Advisor Requirements in Illinois Illinois (Chicago) is the third-largest M&A market in the US. The Illinois Securities Act requires registration for securities-related activities. M&A advisors in Chicago's active mid-market scene commonly hold FINRA Series 79. The Illinois Secretary of State's Securities Department oversees registration. The SEC M&A Broker exemption provides relief for qualifying private company transactions.
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 Illinois 1. Complete 75 hrs pre-license coursework 2. Pass the Pearson VUE — Illinois Broker + Managing Broker exams 3. Obtain your Illinois salesperson/associate license 4. Work under a licensed broker for 2 years as licensed salesperson/broker 5. Complete 45 hrs Managing Broker pre-license course and pass the broker exam 6. Pursue CBI certification via IBBA to establish market credibility