FINRA DRS Survey Results
Arbitrators
Neutral Demographics – Gender
| 2023 Survey | 2022 Survey | 2021 Survey | 2020 Survey | 2019 Survey | 2018 Survey | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Demographic | Joined October 2022 - 2023 | Overall Roster | Joined October 2021 - 2022 | Overall Roster | Joined October 2020 - 2021 | Overall Roster | Joined October 2019 - 2020 | Overall Roster | Joined October 2018 - 2019 | Overall Roster | Joined October 2017 - 2018 | Overall Roster |
| Male | 53% | 63% | 52% | 65% | 54% | 66% | 58% | 69% | 60% | 69% | 60% | 70% |
| Female | 45% | 35% | 47% | 33% | 45% | 32% | 40% | 30% | 39% | 29% | 37% | 27% |
Neutral Demographics – Race
| 2023 Survey | 2022 Survey | 2021 Survey | 2020 Survey | 2019 Survey | 2018 Survey | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Demographic | Joined October 2022 - 2023 | Overall Roster | Joined October 2021 - 2022 | Overall Roster | Joined October 2020 - 2021 | Overall Roster | Joined October 2019 - 2020 | Overall Roster | Joined October 2018 - 2019 | Overall Roster | Joined October 2017 - 2018 | Overall Roster |
| Caucasian | 62% | 75% | 65% | 76% | 63% | 78% | 70% | 81% | 71% | 81% | 76% | 83% |
| Black or African-American | 23% | 14% | 20% | 12% | 23% | 11% | 14% | 9% | 19% | 9% | 15% | 7% |
| Hispanic or Latino | 7% | 5% | 5% | 5% | 7% | 5% | 3% | 4% | 6% | 5% | 8% | 4% |
| Asian | 4% | 2% | 5% | 3% | 4% | 2% | 4% | 2% | 3% | 2% | 1% | 2% |
| Multiracial | 4% | 3% | 6% | 4% | 6% | 3% | 3% | 3% | 4% | 3% | 4% | 2% |
| American Indian or Alaska Native | 1% | 1% | 0% | 0% | 1% | 0% | 0% | 0% | 0% | 0% | 0% | <1% |
Other Demographics
| 2023 Survey | 2022 Survey | 2021 Survey | 2020 Survey | 2019 Survey | 2018 Survey | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Demographic | Joined October 2022 - 2023 | Overall Roster | Joined October 2021 - 2022 | Overall Roster | Joined October 2020 - 2021 | Overall Roster | Joined October 2019 - 2020 | Overall Roster | Joined October 2018 - 2019 | Overall Roster | Joined October 2017 - 2018 | Overall Roster |
| LGBTQ Status | 3% | 5% | 9% | 5% | 5% | 4% | 2% | 3% | 4% | 3% | 5% | 3% |
| Disability Status* | 6% | 8% | ||||||||||
| Veteran Status* | 7% | 12% | ||||||||||
*Disability status and veteran status questions were added to the demographic survey in 2023.
Neutral Demographics – Age
| 2023 Survey | 2022 Survey | 2021 Survey | 2020 Survey | 2019 Survey | 2018 Survey | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Demographic | Joined October 2022 - 2023 | Overall Roster | Joined October 2021 - 2022 | Overall Roster | Joined October 2020 - 2021 | Overall Roster | Joined October 2019 - 2020 | Overall Roster | Joined October 2018 - 2019 | Overall Roster | Joined October 2017 - 2018 | Overall Roster |
| 70 or older | 17% | 42% | 14% | 42% | 10% | 40% | 14% | 44% | 17% | 43% | 12% | 38% |
| 61 to 69 | 29% | 29% | 25% | 29% | 27% | 31% | 36% | 30% | 33% | 29% | 28% | 26% |
| 60 or younger | 53% | 29% | 60% | 29% | 63% | 29% | 50% | 25% | 50% | 28% | 45% | 20% |
Note: DataStar, a leading provider of survey management services, conducted the 2021 and 2022 surveys. Consulting firm Alight Solutions conducted the surveys from 2017 to 2020. Neutral responses were completely voluntary, confidential and anonymous. In the 2022 survey, the overall response rate was 31%. In the 2021 survey, the overall response rate was 32%. In the 2020 survey, the overall response rate was 37%. In the 2019 survey, the overall response rate was 39%. In the 2018 survey, the overall response rate was 39%. In the 2017 survey, the overall response rate was 37%.
Prior to 2019, the survey did not require respondents to answer all questions, which accounts for a discrepancy in the total number of responses in some categories.
Mediators
We separately polled FINRA mediators in the annual survey. The statistics below for the entire mediator roster also includes mediators who are arbitrators.
| Demographic | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|
| Gender | ||||||
| Male | 64% | 68% | 68% | 71% | 72% | 70% |
| Female | 33% | 29% | 25% | 26% | 23% | 27% |
| Age | ||||||
| 70 or older | 52% | 49% | 46% | 51% | 53% | 37% |
| 61 to 69 | 26% | 31% | 36% | 33% | 28% | 26% |
| 60 or younger | 22% | 20% | 17% | 16% | 19% | 20% |
| Race / Ethnicity | ||||||
| Caucasian | 70% | 76% | 79% | 79% | 80% | 82% |
| Black or African American | 13% | 14% | 8% | 8% | 6% | 7% |
| Hispanic or Latino | 5% | 6% | 6% | 3% | 4% | 4% |
| Asian | 2% | 1% | 1% | 1% | 1% | 2% |
| Multiracial | 7% | 5% | 4% | 4% | 4% | 2% |
| American Indian or Alaska Native | 0% | 0% | 1% | 0% | 0% | <1% |
| Other Demographics | ||||||
| LGBTQ Status | 2% | 3% | 5% | 1% | 4% | 3% |
| Disability Status* | 9% | |||||
| Veteran Status* | 13% | |||||
*Disability status and veteran status questions were added to the demographic survey in 2023.