What does it take to be the new governor of the Bank of England?

Do you fancy becoming the next Governor of the Bank of England?

The job is being advertised for the first time in preparation for when the current incumbent, Sir Mervyn King steps down next June. The post has been described as a “near impossible job.”

Though it is unlikely to be on the list of jobs posted onto the walls of your local job centre and you will face an interview with the chancellor, George Osborne, you can, in theory, apply.

However, you would need extensive experience working in a central bank and a wide knowledge of global financial markets.

The advert for the position will tempt potential applicants by stating that 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 advert also says the role is for an individual “of undisputed integrity and standing.”

The Bank of England is to take on new responsibilities from the start of 2013, making the governor’s role even more powerful.

Ed Balls, the shadow chancellor is quoted as saying “only super-humans need apply.”

The advert will be published in the Economist on Friday and the closing date for application is the 8th October.

Mr Osborne told parliament that the new governor will be announced by the end of the year after a “fair and open” process.

The successful applicant will be appointed for a single eight-year term.

The frontrunners for the position include the current deputy, Paul Tucker, though his chances have receded after his testimony about the central bank’s role in the Libor scandal at a Treasury Select Committee in July, Lord Turner, the current chairman of the Financial Services Authority and former head if the civil service, Sir Gus O’Donnell.

Required reading for any potential governor - Free guide to inflation