How a Master of Legal Studies (MLS) Degree Prepares Professionals for Regulatory Strategy Roles
You’d be hard-pressed to find any industry these days that isn’t under some kind of regulatory oversight. From health care and financial services to human resources and higher education, laws from the local to the federal levels are in place to mitigate risk and protect consumers.
Whether you already find yourself in a regulatory strategy role or are aspiring to advance your career, knowing how to interpret industry regulations, assess compliance risks and collaborate with legal teams is a must. A Master of Legal Studies (MLS) degree could help you build the skills and knowledge you need to meet the demands of today’s regulatory landscape.
The Growing Demand for Regulatory Strategy Expertise
Aside from being a legal obligation, contemporary businesses are also realizing that regulatory expertise can serve as a strategic advantage that sets them apart from competitors.
How Regulatory Complexity Is Reshaping Industries
Be it cybersecurity and environmental standards or employment practices and financial reporting requirements, businesses are facing more regulatory oversight than ever. As a result, organizations are recognizing the value and importance of having law-adjacent professionals on their team to help navigate these ever-complex regulatory frameworks.
The Talent Gap Between Business Operations and Legal Knowledge
While many businesses already have professionals on their payroll with deep operational expertise, these experts may lack the legal and regulatory knowledge necessary to incorporate regulatory strategy into their long-term business plans.
Enter the regulatory strategist: a professional who can bridge this gap by providing the legal expertise organizations need to translate legal requirements into practical business roadmaps.
Why Professionals Are Turning to the MLS Degree
So, where are professionals building the legal knowledge and understanding they need to fill these increasingly essential regulatory strategy jobs? For many who already hold an undergraduate degree, a Master of Legal Studies degree offers a robust legal understanding without the need to become a practicing lawyer.
Who the MLS Is Designed For
Unlike a Juris Doctor (JD) degree, which prepares students to become practicing lawyers, an MLS is designed specifically for professionals in law-adjacent fields who could benefit from an in-depth knowledge of the legal sides of their respective disciplines. Those who benefit most from an MLS degree program often work in the legal side of health care administration, cybersecurity, government affairs and human resources (HR).
Core Competencies the MLS Develops
Students in an MLS program can generally expect to build foundational knowledge and skills in such areas as:
- Legal research and analysis
- Risk management
- Regulatory compliance and interpretation
- Interdisciplinary communication
Likewise, MLS programs may be offered with dedicated tracks or concentrations that feature more industry-specific coursework.
What Does a Regulatory Strategy Role Actually Look Like?
What is regulatory strategy, and what does it look like in today’s evolving business landscape? In simple terms, regulatory strategy involves the synthesis of business planning and legal awareness to help businesses proactively plan and mitigate risk. As regulatory oversight has grown in importance across industries, the need for regulatory strategy has become critical.
Defining Regulatory Strategy in a Business Context
In a business context specifically, solid regulatory strategy goes beyond providing simple legal advice to helping businesses apply legal/regulatory requirements across business functions. This may entail advising operational leadership, coordinating internal governance and developing compliance policies to help businesses stay competitive and mitigate operational risk.
Common Job Titles and Industries
Aside from the job title of "regulatory strategist," professionals in these kinds of roles may hold formal titles such as:
- Regulatory affairs manager
- Corporate compliance manager
- Risk analyst
- Policy advisor
These roles exist within nearly any imaginable industry, including heavily regulated ones like health care, cybersecurity, financial services, manufacturing and insurance.
The Compliance Officer Job Outlook by the Numbers
According to the United States Bureau of Labor Statistics (BLS), employment for compliance officers is projected to grow 3% between 2024 and 2034, equating to about 12,300 job openings per year. Similarly, the demand for management analysts is expected to increase 9% over the same time period, which is much faster than the national average for all occupations.
These projections reflect the growing need for law-adjacent professionals in business who understand regulatory compliance law — especially as it relates to long-term strategy and planning.
How an MLS Builds the Skills Regulatory Strategy Roles Demand
Thriving in regulatory compliance strategy requires more than a basic understanding of the regulations affecting your industry. These professionals must be able to analyze complex legal information, anticipate and mitigate risks and communicate strongly across departments. Fortunately, these are all skills that can be built in an MLS program.
Legal Literacy Without a Law Degree
Students pursuing an MLS degree build valuable legal literacy skills that can readily translate to a number of industries (all without the need for a Juris Doctor). Instead, an MLS degree can be completed in just a couple of years with a significantly lower credit-hour requirement.
Industry-Specific Regulatory Knowledge
An MLS program also empowers compliance professionals to strengthen their legal literacy and understanding of the regulatory issues most affecting their respective industries. For example, professionals in law-adjacent health care roles may build their understanding of Food and Drug Administration (FDA) and privacy regulations, including Health Insurance Portability and Accountability Act (HIPAA) law. Meanwhile, professionals in financial services might study cybersecurity and anti-money-laundering (AML) laws.
Risk Assessment, Compliance Frameworks and Strategic Thinking
Along with monitoring organizational compliance efforts, professionals in regulatory strategy may also serve as business advisors of sorts. MLS coursework covering topics such as risk management, auditing and internal investigations better prepares compliance professionals to support long-term strategy advising.
Regulatory Strategy Roles You Can Pursue With an MLS
Although earning an MLS doesn’t guarantee any specific job, there are numerous regulatory strategy roles for which graduates may qualify thanks to the right knowledge and skills.
Compliance Officer and Regulatory Affairs Manager
These professionals are responsible for guiding organizations in the development of internal policies as well as conducting necessary training and coordinating audits as they relate to industry regulatory compliance. Numerous sectors hire compliance officers and regulatory affairs managers, among the most common including:
- Government
- Finance and insurance
- Professional, scientific and technical services
- Health care and social assistance
- Manufacturing
Risk Analyst, Policy Advisor and Government Affairs Specialist
Other possible roles to explore in risk management and compliance include:
- Risk analysts evaluate a company’s legal, regulatory and operational risks while implementing mitigation strategies for long-term success.
- Policy advisors are largely responsible for interpreting new legislation, assessing the potential impacts of new policies on businesses and helping companies develop proactive responses.
- Government affairs specialists are regulatory strategy professionals who help businesses build relationships with policymakers and monitor legislative activity in relation to their specific industries.
How the MLS Positions You for Leadership and Advancement
No matter which of these roles may be of most interest to you, an MLS education can help instill key legal knowledge and skills — while demonstrating to potential employers your commitment to long-term professional development and growth.
MLS Concentrations That Map Directly to Regulatory Strategy Careers
Exploring MLS programs, you might find that some offer concentration areas that allow you to specialize your coursework and tailor your learning to a specific industry. Some common MLS concentrations that can map directly to regulatory strategy careers include:
- Health care, pharmaceuticals and medical device compliance
- Financial regulatory compliance and cybersecurity
- HR, higher education, entrepreneurship and flexible MLS tracks
Why Drexel Kline’s MLS and LLM Programs Stand Out
At Drexel University’s Thomas R. Kline School of Law, our MLS and Master of Laws (LLMs) programs set themselves apart with a flexible online format, options for specialization and expert faculty.
Rankings, Online Format and Flexibility
Intelligent.com has recognized our MLS program as #3 among the "Best 26 Accredited Online Master’s in Legal Studies Programs," and we’re proud to have received The Princeton Review’s distinction as one of the "Best Online MLS Programs for 2024."
These rankings, along with our flexible online format and flexibility for students to enroll part or full time, make our MLS program an excellent choice for working professionals.
LLM Specializations for Licensed Attorneys in Regulated Industries
In addition to our highly ranked MLS program, our LLM program offers four specializations for licensed attorneys looking to elevate their understanding of regulated realms like finance, health care and pharmaceutical and beyond. These include focuses in:
Faculty, Community and Real-World Regulatory Focus
Regardless of which legal program you select, our programs at Drexel University emphasize a practical education with ample opportunities for to gain hands-on experience. In addition, our knowledgeable faculty members bring real experience to the table while promoting the collaborative approach today’s regulatory strategists need to thrive in their roles.
Take the Next Step Toward a Regulatory Strategy Career
Regulatory strategy isn’t a function that businesses can afford to overlook in today’s increasingly strict compliance landscape. More than ever, organizations are looking for regulatory strategists to guide them in everything from risk management to governance.
A Master of Legal Studies degree from Drexel University’s Kline School of Law can equip those in law-adjacent roles to take on the responsibilities of regulatory strategy positions. Plus, with several industry-specific concentrations from which to choose, students can explore what regulatory strategy looks like in their fields while enjoying the flexibility and convenience of online coursework.
Contact us to request more information about our MLS program today, learn more about our admissions criteria or get started with your application now.
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