How to Become a FINRA (Formerly NASD) Arbitrator
Becoming a FINRA (formerly NASD) arbitrator is a great way to be involved in your community and to help people resolve disputes. It is intellectually stimulating and financially rewarding.
To become a FINRA Arbitrator, visit the FINRA website, and complete the arbitrator application kit. The arbitrator application kit can be found at FINRA.org.
Frequently asked questions about becoming a FINRA Arbitrator
What duties does an arbitrator perform?
Arbitrators serve as decision makers, weighing the facts of each case presented. As an arbitrator you will hear all sides of the issues as presented by the parties, study the evidence, and then decide how to resolve the matter. You will work in this capacity either as the sole arbitrator or as part of a three-person arbitration panel.
Who are the FINRA Arbitrators?
FINRA Dispute Resolution relies on a roster of neutral, qualified arbitrators to help maintain its fair, impartial, and efficient system of dispute resolution. FINRA arbitrators are carefully selected from a broad cross-section of people, diverse in culture, profession, and background.
Disputes involving an investor require that a majority of the arbitrators be from outside the securities industry. Some intra-industry disputes require that all the arbitrators be from within the securities industry. Our goal is to recruit arbitrators from different backgrounds, such as educators, accountants, lawyers, business and securities professionals, and others. If you have at least five years of full-time, paid business or professional experience, you may qualify to serve on our roster.
What experience is required to be an arbitrator?
You must have at least five years of business or professional experience to qualify for service on the roster. You must also have at least two years of college-level credits.
What are arbitrators paid for their service?
Arbitrators receive an honorarium at the rate of $200 per single-session hearing; $400 per double session. (A single-session lasts up to four hours and a double-session hearing lasts for more than four hours, with hearings averaging approximately two-and-a-half days.) Compensation for service on cases decided without an in-person hearing is $125 per case. Rates are set by the NASD and subject to change, for the current fees paid to arbitrators, check the FINRA site. You may view Arbitrator Honorarium Frequently Asked Questions.
Is there training before becoming a FINRA arbitrator?
Yes. The FINRA provides basic arbitrator training, which must be completed before becoming a FINRA arbitrator. To find more information on the arbitrator training program, visit the Arbitrator Training page of the FINRA website.
To find out more information about becoming a FINRA arbitrator, give us a call at 561-391-1900 or visit the FINRA website at www.FINRA.org.