Here's what the advert for one of Britain's most powerful jobs looks like

Advertisement

Bank of England

Reuters/Luke MacGregor

The Bank of England just posted a job listing for one of its most important roles.

Advertisement

Britain's central bank is looking for a new deputy governor for markets and banking following the resignation in September of the current deputy, Minouche Shafik.

Shafik quit her job after only two years of a five-year term to join the London School of Economics as its director.

In a listing posted on the website of the Cabinet Office, and of well-known City recruitment firm Odgers Berndtson - which is leading the recruitment drive - the Bank of England calls for someone who can "demonstrate the ability to manage a large number of staff and a diverse set of workstreams."

As the deputy governor, whoever gets the new job will be one of Governor Mark Carney's key lieutenants, sitting alongside Carney, fellow Deputy Governor Ben Broadbent, and six other bank staff on its rate-setting Monetary Policy Committee, and be in charge of managing the bank's balance sheet. That is no small task given that it is worth around £600 billion, more than 22% of the UK's nominal GDP.

Advertisement

Applicants must apply for the job by 12.00 p.m. GMT (7.00 a.m. ET) on November 21, and can expect a total compensation package of roughly £270,000. That compares to the total compensation of almost £1 million that Mark Carney gets when his £5,000 per week housing allowance is included.

You can read the full job description featured on the Cabinet Office's website below, as well as a more detailed brief on Odgers Berndtson's website.

The Bank of England is the central bank of the United Kingdom and exists to ensure monetary and financial stability. Candidates are sought for the role of Deputy Governor, Markets and Banking. This appointment is made by Her Majesty the Queen, on the recommendation of the Prime Minister and the Chancellor of the Exchequer.

The new Deputy Governor will be responsible for managing the balance sheet of the Bank. He or she will look after the execution of financial stability and monetary policy decisions via balance sheet operations, the management of the Government's foreign exchange reserves, gold custody services, the operation of the real time settlement system, the effective risk management of these operations and the gathering of market intelligence relevant to policy decisions.

He or she will be a member of the Monetary Policy Committee, the Financial Policy Committee, the Prudential Regulation Committee, the Court of the Bank of England and will also represent the Bank on several international bodies.

Advertisement

The successful candidate will need to demonstrate the ability to manage a large number of staff and a diverse set of workstreams. He or she will be a strong communicator, have outstanding interpersonal skills and will be a person of undisputed integrity and standing.

Applicants will need the ability to develop and execute new policies in a fast-moving environment, and understand the workings of central banking, government and international institutions. In particular, they must understand wholesale financial markets, the associated infrastructure and have a strong appreciation for risk management. They must also demonstrate strong leadership, management and policy skills and will have an advanced understanding of economics.

NOW WATCH: Here's how much $100 is worth in every state