What is FINRA Arbitration? — From the FINRA website:

FINRA arbitrators are neutral, qualified individuals who are essential in maintaining a fair, impartial and efficient system of arbitration—serve as decision makers, weighing the facts of each case presented. Arbitrators hear all sides of the dispute as presented by the parties, study the evidence and then render a final and binding decision.

At any given time, FINRA maintains a roster of over 6,000 arbitrators. FINRA has two classifications for arbitrators: public and non-public. We do not expect public arbitrators to have knowledge of the securities industry. If you have at least five years of full-time, paid business or professional experience—inside or outside of the securities industry—and at least two years of college-level credits, you may qualify to serve on our roster.

We recruit arbitrators from diverse backgrounds to hear FINRA arbitration cases and ensure we efficiently meet the important demand of resolving securities disputes. Among other professions, our arbitrators are:

• lawyers;
• educators;
• doctors;
• accountants;
• business professionals; and
• securities professionals.

Before serving on a case, arbitrators must first complete our arbitrator training program and pass an examination.

Note: FINRA arbitrators and mediators are not FINRA employees, but are independent contractors who serve at the discretion of FINRA. Therefore, they are not eligible to receive FINRA employee or unemployment benefits.

All arbitrators accepted to the roster must complete FINRA’s Basic Arbitrator Training Program before becoming eligible to serve on arbitration cases. If you are an attorney, this training may qualify for Continuing Legal Education (CLE) credit in your state.

FINRA also offers advanced arbitrator training on specific areas of FINRA’s arbitration rules and processes.