NAICS 523940 size standard: Portfolio Management and Investment Advice
Sector 52—Finance and Insurance › Subsector 523—Securities, Commodity Contracts, and Other Financial Investments and Related Activities
$47.0 million
average annual receipts
A business whose primary industry is NAICS 523940 (Portfolio Management and Investment Advice) is small for SBA and federal contracting purposes if its average annual receipts, including affiliates, are no more than $47.0 million.
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NAICS 523940 on AwardWatchdog
Before you rely on this
- Affiliates count. SBA adds the receipts or employees of your affiliates (companies that control you, that you control, or that share common ownership or management) to yours. See 13 CFR 121.103.
- Receipts are a 5-year average. Average annual receipts are generally your total receipts over your last 5 completed fiscal years divided by 5 (13 CFR 121.104).
- Employees are a 24-month average. Employee-based standards use your average number of employees per pay period over the preceding 24 completed calendar months, counting part-time and temporary staff (13 CFR 121.106).
- The contract decides the code. For a federal contract, the contracting officer assigns one NAICS code in the solicitation, and that code’s size standard is the one that counts.
- Check officially. Use the official SBA Size Standards Tool and keep your SAM.gov registration current.
Not legal or professional advice. This is a free estimate from AwardWatchdog based on SBA’s published table. AwardWatchdog is not affiliated with SBA or the U.S. government. Only SBA can make a formal size determination.
Common questions
What is the SBA size standard for NAICS 523940?
A business whose primary industry is NAICS 523940 (Portfolio Management and Investment Advice) is small for SBA and federal contracting purposes if its average annual receipts, including affiliates, are no more than $47.0 million. The standard comes from SBA’s table at 13 CFR 121.201 (last amended effective March 17, 2023).
How are average annual receipts calculated?
Generally, total receipts over the most recently completed 5 fiscal years divided by 5, including affiliates (13 CFR 121.104). Firms in business for less than 5 years use a different calculation.
Is this an official size determination?
No. This page is an estimate from AwardWatchdog based on SBA’s published table. Use the official SBA Size Standards Tool at sba.gov and only SBA can make a formal size determination.
Related codes in Securities, Commodity Contracts, and Other Financial Investments and Related Activities
523150 Investment Banking and Securities Intermediation ($47.0M) · 523160 Commodity Contracts Intermediation ($41.5M) · 523210 Securities and Commodity Exchanges ($47.0M) · 523910 Miscellaneous Intermediation ($47.0M) · 523991 Trust, Fiduciary and Custody Activities ($47.0M) · 523999 Miscellaneous Financial Investment Activities ($47.0M)
Source: 13 CFR 121.201 (SBA table of small business size standards, eCFR current as of October 15, 2026; last amended effective March 17, 2023). See also SBA’s table of size standards.
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