An arbitrator can handle disputes that have the potential to be resolved outside of a court of law. This individual may have the same qualifications as an attorney and may even work for a law firm. Industry experience is required to become an arbitrator, and the role can be filled by business professionals who specialize in cases in a specific area of expertise. To become an arbitrator, you’ll need a college education, and universities and colleges offer programs to prepare students for careers in this field.
Education and work experience are the most important factors in becoming an arbitrator. A professional in the industry may work for the government, such as the local or federal government, or for a private company, such as a law firm. Requirements vary by region, but they are likely to include a college education with a focus on law, arbitration, or conflict analysis at the very least. Because the process involves listening to and solving problems of individuals and businesses, psychology majors may be suitable for this field.
Students who have completed a bachelor’s degree may wish to continue their education in graduate school. An arbitrator’s career could be aided by a law or business degree. Arbitration master’s degrees may be available at some schools. Employers pay close attention to education and work experience in a related field.
An individual who wishes to pursue a career as an arbitrator must demonstrate problem-solving abilities as well as the ability to successfully negotiate with others. The decision of an arbitrator must be followed by both parties involved in the arbitration. Individuals and businesses turn to arbitration specialists to avoid the time and expense of filing formal litigation in a court of law and instead rely on the arbitrator’s decision.
Formal industry training and industry credits may be earned to become an arbitrator in the financial services industry, where disputes between investors and stockbrokers may arise. In the United States, for example, the Financial Authority Regulatory Authority (FINRA) regulates conflicts of interest in the investment community. Arbitrators can join a pool of registered arbitrators who are deemed competent to settle investment disputes after becoming certified by this agency. The agency’s requirements for inclusion in its pool of professionals are not limited to financial careers; experience in fields such as medicine and law could qualify an arbitrator for FINRA after completing the required training.