South Dakota Business Broker License — Requirements & M&A Advisor Guide 2025
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South Dakota Business Broker & M&A Advisor License Requirements
Becoming a licensed business broker or M&A advisor in South Dakota requires meeting specific education, exam, and experience standards. This guide covers every requirement, fee, and regulatory pathway for South Dakota as of 2025–2026.
License Type Required in South Dakota Real estate broker license required. South Dakota business brokers operate under the Real Estate Broker License, regulated by the South Dakota Real Estate Commission (SDREC).
Education Requirements
Pre-license (salesperson): 116 hours of approved coursework
Experience Required 3 years as licensed salesperson/broker.
Exam & Licensing Fees
Exam: PSI national + South Dakota state exam
Application fee: $225
License fee: $175
Exam note: One of the higher salesperson hour requirements in the Midwest
Continuing Education 12 hours per 2 years required to maintain active South Dakota broker license. Include mandatory ethics and law topics.
M&A Advisor Requirements in South Dakota South Dakota's favorable corporate law and tax environment attracts business structuring activity. The real estate broker license covers business brokerage. South Dakota Division of Banking oversees financial services. The SEC M&A Broker exemption applies to qualifying private company sales without real property components.
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 South Dakota 1. Complete 116 hrs pre-license coursework 2. Pass the PSI national + South Dakota state exam 3. Obtain your South Dakota salesperson/associate license 4. Work under a licensed broker for 3 years as licensed salesperson/broker 5. Complete 116 hrs additional broker coursework and pass the broker exam 6. Pursue CBI certification via IBBA to establish market credibility