LONDON (SHARECAST) - For the first time the post of Governor of the Bank of England is to be advertised.
Incumbent Sir Mervyn King will retire next June having served his maximum two four-year terms as Governor.
His successor will have to demonstrate "an advanced understanding of financial markets and good economic knowledge" as well as being "a person of undisputed integrity and standing".
Chancellor George Osborne told Parliament that Sir Mervyn's successor would be announced by the end of 2012 after a fair and open application process.
The job will be advertised in the press on Friday, with applications closing on 8th October.
Shortlisted candidates will face an interview panel chaired by Sir Nicholas Macpherson, the permanent secretary to the Treasury.
"The Treasury Select Committee will be invited to hold a pre-commencement hearing once the successful candidate is announced," the Treasury said.
"This will be the first time a newly-appointed governor will be subject to such a hearing."
Any would-be Governors would have to fulfil the following job description:
"The new Governor will lead the Bank through major reforms to the regulatory system, including the transfer of new responsibilities that will see the Bank take the lead in safeguarding the stability of the UK financial system.
"The successful candidate must demonstrate that they can successfully lead, influence and manage the change in the Bank’s responsibilities, inspiring confidence and credibility both within the Bank and throughout financial markets.
"The successful candidate will have experience of working in, or with, a central bank or similar institution; or will have worked at the most senior level in a major bank or other financial institution.
"He or she will demonstrate strong leadership, management and policy skills; will have an advanced understanding of financial markets and good economic knowledge.
"He or she will be a strong communicator, have good interpersonal skills and will be a person of undisputed integrity and standing."