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Arbitrators can resolve disputes out of court, requiring industry experience and a college education. Graduate degrees in law or business can support a career as an arbitrator. FINRA certifies arbitrators in the financial services industry.
Disputes that have the potential to be resolved out of court may be handled by an arbitrator. This professional may have the same credentials as a lawyer and may even be hired by a law firm. To become an arbitrator, industry experience is essential and the role can be filled by business professionals who focus on cases in a specific area of expertise. A college education is required to become a referee, and universities and colleges offer programs to equip students for careers in this field.
Education and professional experience really are the starting point for becoming a referee. An industry professional can work for a public entity, such as a local or federal government, or a private company, including a law firm. Requirements differ from region to region, but at a minimum are likely to include a university education with a focus on law, arbitration or conflict analysis. Psychology courses may also be appropriate for this field, because the process involves listening to and solving the problems of individuals and companies.
In addition to a bachelor’s degree, students may consider furthering their studies into graduate school. A degree in law or business could certainly support a career as an arbitrator. Certain schools may offer master’s degrees in arbitration. Employers look deep into education and career experience in a related field.
An individual who wants to pursue a career and become a referee must demonstrate problem-solving skills and the ability to successfully negotiate with others. The decision rendered by an arbitrator is one that both parties in arbitration must follow. Individuals and companies turn to arbitration specialists to avoid the time and expense associated with taking legal action in a court of law and putting the outcome in the hands of the arbitrator.
To become an arbitrator in the financial services industry, where disputes between investors and brokers can arise, one can obtain formal training and industry credits. For example, in the US, the Financial Authority Regulatory Authority (FINRA) participates in regulating conflicts in the investment community. By being certified by this agency, arbitrators can be included in a group of registered arbitrators who are considered competent to resolve investment disputes. The agency’s standards for inclusion in its professional pool are not limited to careers in finance, and experience in industries such as medicine and law can qualify an arbitrator for FINRA after completing the necessary training.
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