When a conflict occurs and both parties want to solve the problem outside of court, they hire an arbitrator to play the role of the objective facilitator. These professionals help resolve conflicts by guiding negotiations and progressively moving toward the direction of closure. Arbitrators are also known as mediators and conciliators, according to O*Net, a website sponsored by the Department of Labor. Discover the earning potential of arbitrators.
In May 2009, the mean hourly wage for arbitrators, mediators and conciliators was £19.70, and the mean annual wage, or average salary, was £41,112, according to the Bureau of Labor Statistics. Median annual wages for arbitrators, mediators and conciliators ranged from approximately £20,065 to £71,467. The lowest 10 per cent earned less than £20,065, and the top 10 per cent earned more than £71,467.
The PayScale website lists the salary of arbitrators, mediators and conciliators based on the years of experience. In October 2010, those with less than one year of experience earned anywhere from between £19,030 to £36,110; one to four years, £21,380 to £38,333; five to nine years, £25,216 to £55,250; 10 to 19 years, £38,610 to £64,478; and 20 years or more, £57,484 to £79,354.
In May 2009, the professional, scientific and technical services industry employed the largest number of arbitrators, mediators and conciliators with an average salary of £44,928, according to the Bureau of Labor Statistics. Other major employers with their average annual salary were: local governments, £42,536; state governments, £40,859; business, professional, labour, political and similar organisations, £42,061; and legal services, £38,103.
Professional, scientific and technical services not only employed the largest number of arbitrators, mediators and conciliators, they also paid the fifth-highest average annual salary. The Federal Executive Branch paid the highest average annual salary with £76,882, according to the Bureau of Labor Statistics. Other top-paying employers with their average annual salaries were: colleges, universities and professional schools, £51,629; general medical and surgical hospitals, £50,914; management of companies and enterprises, £47,196; and professional, scientific and technical services, £44,928.
In the US, Virginia had the highest average salary for arbitrators, mediators and conciliators with £90,233, according to the Bureau of Labor Statistics. Other locations that had high pay were: New Mexico, with £71,422; Illinois, with £54,210; California, with £49,933; and the District of Columbia, with £49,816.