If you are currently working in a law-related or law-adjacent role in banking or finance, you may be looking for opportunities to advance your career growth. One option to consider is pursuing a Master of Legal Studies (M.L.S.) that is specifically designed for non-lawyer professionals.
Understanding the Relevance of an M.L.S. Degree in Banking and Brokerage Industries
A degree in legal studies can have a strong applicability to the banking and brokerage sector, as there are close connections between the law and banking/finance.
The Role of an M.L.S. Degree in the Banking Sector
An M.L.S. degree curriculum will cover the various legal aspects (including banking regulations and compliance) that directly affect banks and financial institutions. More specifically, an M.L.S. degree with a financial services track covers federal and state banking compliance regulations and how they apply to the banking industry as a whole.
The Impact of an M.L.S. Degree on Brokerage Careers
Pursuing an M.L.S. degree can help graduates take their finance or brokerage careers to the next level, acquiring the skills and foundational knowledge needed to understand the legal aspects of this field more comprehensively. Brokers deal with complex financial transactions that often involve legal intricacies. An M.L.S. equips brokers with a foundation in various areas of law relevant to the industry, such as contract law, securities regulations, and business law. This deeper understanding of legal principles enables brokers to navigate legal issues more effectively and make informed decisions.
Key Skills Acquired through an M.L.S. Degree that Benefit Banking and Brokerage Careers
There are a range of technical and soft skills students can learn during a Master of Legal Studies program that directly impact their performance and success in their banking and brokerage careers.
Analytical Skills
Completing an M.L.S. program can develop and strengthen your analytical skills, which can help you advance in your corporate finance role or other banking industry job.
Legal Knowledge and Its Application in Finance
There are many legal nuances to working in finance. From understanding banking compliance regulations (such as information privacy law) to staying on top of investment advisor regulations, gaining a better understanding of legal applications in finance can empower you to do your job more confidently.
Ethical Decision-Making Skills
Those in the banking, brokerage, and financial services industry constantly need to make ethical decisions based on several different factors and considerations. As part of a comprehensive M.L.S. degree program, you will learn practical tips and best practices for sharpening your decision-making skills on the job.
Communication and Negotiation Skills
The ability to effectively communicate and negotiate is a must in the banking and brokerage realm, and the right M.L.S. program will allow you to build upon these crucial skills. From verbal to written communication with clients as well as professional negotiation, you'll gain plenty of growth and practice in these key areas.
Understanding of Regulatory Compliance
Regulatory compliance is a critical aspect of the banking and brokerage industry. Even if you do not work specifically in a legal role, having a solid understanding of regulations and what they mean for your financial institution is a must. This includes broker/dealer regulation and compliance, consumer financial protection law, information privacy law, and more.
Ethical Decision-Making and Risk Management Capabilities
Decision-making and risk management are inherently an essential part of any role in the banking or brokerage industries. An M.L.S. program will help you build not just your ethical decision-making abilities but also risk assessment and mitigation skills.
Potential Jobs in Banking and Brokerage for M.L.S. Graduates
So, what kinds of positions could you qualify for with a master's degree in legal studies?
Compliance Officer
A compliance officer is responsible for ensuring a banking institution or other financial institution is operating in compliance with all applicable laws and regulations. Typically, these professionals are hired directly by banks and financial institutions and work closely alongside executives and other leadership.
Bank Manager
A bank manager is a professional who oversees an entire bank, usually in the form of a standalone branch. These professionals are responsible for managing the everyday operations of the branch, including making decisions about clients to approve for loans.
Brokerage Consultant
Brokerage consultants are tasked with making recommendations regarding retirement planning, investing, and other financial services to clients. These professionals, in turn, may earn a commission later on the investment.
The Benefits of an M.L.S. Degree to Career Advancement in Banking and Brokerage
Clearly, there's a lot you can do with an M.L.S. degree if you are currently working in the banking and brokerage fields. Meanwhile, there are numerous career benefits you could enjoy once you earn your degree.
Enhanced Job Opportunities
Having an advanced degree in a field like legal studies can improve your job prospects, especially if you have been interested in a compliance or risk management role. With the skills and specialized knowledge acquired from an M.L.S. program, you will be a more competitive candidate for new opportunities when they arise.
Increased Earning Potential
Having your master's degree in legal studies may also increase your earning potential, qualifying you for better-paying jobs and even promotions or raises within your current scope of work.
Greater Professional Recognition
Last but not least, having your M.L.S. can help you boost your own reputation within the banking and brokerage field—particularly when compared to having a bachelor's degree. With a more advanced degree plus the skills and knowledge that come along with it, you can continue making a name for yourself in your industry.
How to Leverage an M.L.S. Degree for Career Progression in Banking and Brokerage
Even once you have your master's degree in legal studies, there are some additional steps that could further leverage your advanced degree and take your career to the next level.
Networking and Industry Connections
In the banking and brokerage field, growing your professional network can help you move your way up the ladder. With this in mind, it is wise to forge and build a professional network during your M.L.S. program and beyond. This should include connecting with professors and colleagues as well as building professional relationships with reputable names in your field. You can do this using professional networking sites like LinkedIn or attending industry events and conferences.
Staying Updated with Financial Regulations
Remember, too, that your studies are never truly complete when you work in the banking and brokerage field. Regulations and laws can change rapidly, and your ability to perform your job competently will depend on your ability to stay informed on the latest industry news and changes.
To get the most out of your degree and maximize your career potential, then, you will need to find reputable news sources that help you stay proactively up to date on new financial regulations, laws, and other legal changes as they occur.
Explore a Master of Legal Studies Degree at the University of Miami School of Law
Having an M.L.S. degree can help you grow your career prospects, boost your professional reputation, and even increase your earning potential in a variety of ways. Whether you work in banking compliance, corporate finance, or risk management, having a better understanding of the legal aspects behind these sectors can help you forge a better career path.
At the University of Miami School of Law, we are proud to provide an online Master of Legal Studies program available with flexible scheduling and a specialized track in Financial Services Regulations and FinTech tailored to your professional goals. No matter if you want to focus on healthcare law and regulation, financial services, real estate and construction law, or any other area of legal studies—we likely have a track that suits your interests.
Get in touch today to learn more about our online M.L.S. curriculum and the world of benefits the University of Miami School of Law community has to offer.
Sources
https://admissions.law.miami.edu/academics/mls/
https://admissions.law.miami.edu/academics/mls/curriculum/
