She received a diploma (a B.A. equivalent) from the department of philosophy of Moscow State University, a Ph.D. in political science from the University of Wisconsin—Madison, and a J.D. from Northwestern University School of Law. Prior to joining the UNC Law School in 2007, Professor Omarova practiced law in the financial institutions group of Davis, Polk, & Wardwell, a premier New York law firm, where she specialized in a wide variety of corporate transactions and advisory work in the area of financial regulation. From 2006 to 2007, she served at the U.S. Department of the Treasury as a special advisor for regulatory policy to the under secretary for domestic finance.