Minnesota Business Broker & M&A Advisor License Requirements
Becoming a licensed business broker or M&A advisor in Minnesota requires meeting specific education, exam, and experience standards. This guide covers every requirement, fee, and regulatory pathway for Minnesota as of 2025–2026.
License Type Required in Minnesota Real estate broker license required. Minnesota business brokers operate under the Real Estate Broker License, regulated by the Minnesota Department of Commerce.
Education Requirements
Pre-license (salesperson): 90 hours of approved coursework
Broker upgrade: 30 hrs broker pre-license course
Experience Required 3 years as licensed salesperson/broker.
Exam & Licensing Fees
Exam: PSI national + Minnesota state exam
Application fee: $180
License fee: $120
Exam note: High CE requirement of 30 hrs per renewal cycle
Continuing Education 30 hours per 2 years required to maintain active Minnesota broker license. Include mandatory ethics and law topics.
M&A Advisor Requirements in Minnesota Minnesota (Minneapolis-St. Paul) has an active M&A market in healthcare, retail, and food/agriculture. Business brokerage uses the real estate broker license. Minnesota Commerce Department oversees securities. M&A advisors on larger deals (above $10M) typically hold FINRA Series 79.
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 Minnesota 1. Complete 90 hrs pre-license coursework 2. Pass the PSI national + Minnesota state exam 3. Obtain your Minnesota salesperson/associate license 4. Work under a licensed broker for 3 years as licensed salesperson/broker 5. Complete 30 hrs broker pre-license course and pass the broker exam 6. Pursue CBI certification via IBBA to establish market credibility