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Financial Advisor Licensing in Minnesota

Review current requirements, exam details, renewal cycle, and salary outlook for financial advisor in Minnesota, including See agency and board contact links.

Last verified: Feb 12, 2026

Application Fee

See agency

Exam Requirement

State-approved exam

Renewal Cycle

See board renewal rules

Licensing Blueprint for Financial Advisor in Minnesota

Estimated timeline: 6-24 months

Core Requirements

  • License Type: Register with licensing agency
  • Education: Varies by state board
  • Examination: State-approved exam
  • Application Fee: See agency

Application Snapshot

  1. Licensing Authority

    Minnesota Department of Commerce • Licensing Unit

  2. Current Filing Fee

    See agency

  3. Renewal Cycle

    See board renewal rules

  4. Salary Position

    $94,420 median (8% below national)

  5. State Salary Rank

    #27 of 50 states

Step-by-Step Process (4)

  1. 1. Meet baseline eligibility requirements.
  2. 2. Complete approved education/training requirements.
  3. 3. Pass required exam(s) and submit application.
  4. 4. Maintain and renew license according to board rules.

Salary Insights in Minnesota

With a median salary of 94,420, Financial Advisors in Minnesota earn 8% below the national median of $102,140. Minnesota ranks #27 among 50 states. The typical licensing timeline is 6-24 months.

State Hiring Climate (QCEW)

Rising

QoQ Employment Change

+3%

Average Weekly Wage

$1,407

Median annual salary

$94,420

Hourly estimate

$45.39
8% below national median

Difference: -$7,720

Percentile Distribution

Annual compensation
  • P1010th percentile$44,380
  • P2525th percentile$68,600
  • P50Median$94,420
  • P7575th percentile$148,880
  • P9090th percentileN/A

State vs National Median

State: $94,420
National: $102,140

Total employment: 6,360 | Annual openings: N/A

Financial Advisor Salary Ranking

#27 of 50 statesfor Financial Advisor median salary
RankStateMedian Salary
#1New York167,970
#2Idaho136,440
#3California128,650
#4Delaware128,170
#5New Jersey123,690

Nearby States Comparison

Financial Advisor licensing across the region
StateMedian SalaryEducationExamTimeline
Minnesota$94,420Varies by state boardState-approved exam6-24 months
Wisconsin$115,680Varies by state boardState-approved exam6-24 months
Iowa$81,790Specific course requiredBoth state and third-party exams required6-24 months
South Dakota$123,380Varies by state boardState-approved exam6-24 months
North Dakota$98,990No educational requirementsThird-party exam required6-24 months

License by Endorsement

Transfer requirements are state-specific. Use this quick matrix as a planning signal, then verify final endorsement rules with each board.

StateReciprocity ScoreTierNotes
Minnesota78HighBoard-specific review required.
Wisconsin72MediumBackground check or criminal history review is indicated.
Iowa56MediumState-specific exam conditions may apply. Documented experience may be required.
South Dakota78HighBoard-specific review required.
North Dakota54LowState-specific exam conditions may apply. Documented experience may be required.
  • License status indicator: Active.
  • Reciprocity and transfer rules vary by state board. Verify directly with the agency.

Official Licensing Agency

Minnesota Department of Commerce • Licensing Unit

85 7th Place East, Suite 600, St. Paul, MN, 55101-3165

Phone: 6512966319

Visit Official WebsiteCall BoardOpen in Maps

Related Careers in Minnesota

ProfessionMedian SalaryEducationTimeline
Architect$95,380Varies by state board6-24 months
Certified Public Accountant$81,100Varies by state board6-24 months
Civil Engineer$101,440Varies by state board6-24 months
Funeral Director$76,490Varies by state board6-24 months

FAQ

How long does it take to become a Financial Advisor in Minnesota?

Most applicants finish the licensing path in about 6-24 months, but timing can change based on education track, exam scheduling, and board processing.

What is the typical Financial Advisor salary in Minnesota?

The median annual salary for Financial Advisors in Minnesota is 94,420.

How does the Financial Advisor salary in Minnesota compare to the national average?

Financial Advisors in Minnesota earn 8% below the national median of $102,140, with a state median of 94,420.

How many Financial Advisors work in Minnesota?

Minnesota employs approximately 6,360 Financial Advisors according to BLS data.

Can I transfer my Financial Advisor license to Minnesota from another state?

Transfer requirements vary by board. License status indicator: Active. Reciprocity and transfer rules vary by state board. Verify directly with the agency.

Who is the licensing agency for Financial Advisors in Minnesota?

The licensing agency is Minnesota Department of Commerce / Licensing Unit. Review agency details at http://www.commerce.state.mn.us/.