What the next Bank of England governor’s CV needs to look like
With less than a year until Mark Carney steps down, the government today kickstarted the search for a new Bank of England governor.
We’ve already compiled a list of candidates tipped to replace the American when he departs the post in January 2020, but chancellor Philip Hammond has put out a job ad anyway.
Read more: Who will replace Mark Carney as Bank of England governor?
It makes for interesting reading, giving a run down of the key responsibilities of the governor, and listing the most crucial requirements for Carney’s successor.
It’s also the first time the government has farmed out the recruitment process to a third party.
Sapphire Partners, an all-women recruitment agency, is leading the search, and founder Kate Grussing is a strong advocate for women in business.
As the role has been held by 120 men since the first governor in 1694, that raises the question of whether the Bank is about to get its first female boss.
Whoever ends up the successful candidate, here’s what they’ll be dealing with – and what they’ll need on their CV.
Job requirements
The governor sits across all three of the Bank’s committees – the Monetary Policy Committee, which sets interest rates; the Financial Policy Committee and the Prudential Regulation Committee.
The job ad also describes the governor as “the Bank’s preincipal communicator”, appearing before the Treasury Select Committee frequently to explain its positions.
Carney has been before the committee numerous times, and in other public appearances has faced flack for painting what critics claimed were unnecessarily negative Brexit scenarios.
The Bank will also rely on the governor to influence international policy discussions, appearing at the G7, G20, the Bank for International Settlements and at the International Monetary Fund.
What you need on your CV
For anyone thinking of throwing their CV into the ring, here’s what recruiter Sapphire Partners is looking for:
Senior banking experience
The job description asks that candidates show they can “successfully lead, influence and manage a complex and powerful financial institution”.
Ideally candidates will have substantial experience of working at the most senior level at a bank or involvement in central banking. Sapphire name checks the Bank of International Settlements and the IMF as two examples.
They’d also need broad experience and understanding of finance, from macroeconomics “to understanding developments in, and the structure of, financial markets, to macro-prudential and micro-prudential supervision”.
Leadership skills
The ideal candidate will have led a large financial organisation to success and demonstrate “personal effectiveness, determination and resilience”.
They must also encourage teamwork and develop talent.
“Given the breadth of the Bank’s responsibilities, the ability to delegate will be particularly important,” the job description adds.
Read more: Hammond kicks off search for new Bank of England governor
Financial markets expertise
It should go without saying, but the Bank wanted to make doubly sure – it wants somebody who has lots of experience in, erm finance.
It calls for “extensive knowledge and experience of financial markets and the risk cultures therein and be credible on both microeconomic and macroeconomic issues, domestically and internationally”.
Safe pair of hands
With Carney agreeing to extend his stay by seven months to “support continuity” as the UK deals with Brexit, the Bank wants somebody who is able to keep the UK economy resilient once we leave the EU.
The job ad demands candidates have “the ability to maintain global confidence in UK financial services through maintaining the resilience of the financial system and the safety and soundness of regulated firms”.