Arbitrators are impartial parties who hear and decide disputes between two or more opposing parties in a non-judicial setting. They are typically retired judges, attorneys, or business professionals who have expertise in a particular field—such as finance, construction, shipping, or insurance. Others have backgrounds in engineering, scientific research and development, or health care.
Minimum Education Level
Arbitrators, mediators, and conciliators earned median annual salaries of $66,130 in May 2020, according to the U.S. Department of Labor (USDL). Ten percent of this group earned $38,330 or less, while the top 10 percent made $131,210 or more. The USDL reports that arbitrators, mediators, and conciliators earned the following mean annual salaries by employer:
Arbitrators work in offices or meeting rooms, or they travel to a neutral site that has selected by the parties that are seeking arbitration services. There are pros and cons to this career. On the one hand, many arbitrators find this occupation rewarding because of the constantly changing caseload and the opportunity to render a judgment that helps the plaintiff and defendant avoid a costly an...
Job opportunities for arbitrators and the related careers of mediator and conciliator are expected to increase by 8 percent from 2019 to 2029, according to the U.S. Department of Labor (USDL). This is much faster than the average for all careers. “Arbitration and other alternative dispute resolution methods often are quicker and less expensive than trials and litigation,” according to the USDL....