Wisconsin Business Broker & M&A Advisor License Requirements
Becoming a licensed business broker or M&A advisor in Wisconsin requires meeting specific education, exam, and experience standards. This guide covers every requirement, fee, and regulatory pathway for Wisconsin as of 2025–2026.
License Type Required in Wisconsin Real estate broker license required. Wisconsin business brokers operate under the Real Estate Broker License, regulated by the Wisconsin Department of Safety and Professional Services (DSPS).
Education Requirements
Pre-license (salesperson): 72 hours of approved coursework
Experience Required 2 years as licensed salesperson/broker.
Exam & Licensing Fees
Exam: PSI national + Wisconsin state exam
Application fee: $75
License fee: $90
Exam note: Wisconsin has specific exemptions for certain business-only sales
Continuing Education 18 hours per 2 years required to maintain active Wisconsin broker license. Include mandatory ethics and law topics.
M&A Advisor Requirements in Wisconsin Wisconsin's manufacturing, dairy, and healthcare sectors are active M&A markets. Wisconsin has a specific exemption from real estate licensing for business-only transactions (Wis. Stat. 452.03) where no real property is transferred. Professional business brokers typically maintain the real estate broker license regardless. Wisconsin Department of Financial Institutions handles securities oversight. FINRA applies for equity M&A 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 Wisconsin 1. Complete 72 hrs pre-license coursework 2. Pass the PSI national + Wisconsin state exam 3. Obtain your Wisconsin salesperson/associate license 4. Work under a licensed broker for 2 years as licensed salesperson/broker 5. Complete 72 hrs broker pre-license coursework and pass the broker exam 6. Pursue CBI certification via IBBA to establish market credibility