Massachusetts Business Broker & M&A Advisor License Requirements
Becoming a licensed business broker or M&A advisor in Massachusetts requires meeting specific education, exam, and experience standards. This guide covers every requirement, fee, and regulatory pathway for Massachusetts as of 2025–2026.
License Type Required in Massachusetts Real estate broker license required. Massachusetts business brokers operate under the Real Estate Broker License, regulated by the Massachusetts Board of Registration of Real Estate Brokers and Salespersons.
Education Requirements
Pre-license (salesperson): 40 hours of approved coursework
Broker upgrade: 40 hrs broker pre-license course
Experience Required 3 years as licensed salesperson/broker.
Exam & Licensing Fees
Exam: PSI national + Massachusetts state exam
Application fee: $150
License fee: $103
Exam note: Relatively low hour count but 3 years experience required for broker
Continuing Education 12 hours per 2 years required to maintain active Massachusetts broker license. Include mandatory ethics and law topics.
M&A Advisor Requirements in Massachusetts Massachusetts (Boston) is a major M&A center, particularly for biotech, life sciences, and technology. Business brokerage uses real estate broker license. The Massachusetts Securities Division (MSD) regulates securities activity. Mid-market and upper-market M&A advisors in Massachusetts typically hold FINRA Series 79 and affiliate with registered broker-dealers.
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 Massachusetts 1. Complete 40 hrs pre-license coursework 2. Pass the PSI national + Massachusetts state exam 3. Obtain your Massachusetts salesperson/associate license 4. Work under a licensed broker for 3 years as licensed salesperson/broker 5. Complete 40 hrs broker pre-license course and pass the broker exam 6. Pursue CBI certification via IBBA to establish market credibility