In my UK charter outfit.
1. You have to bid for a command. No bid = not considered.
2. Out of those who have bid, they are assessed in seniority order.
3. Then your training file is pulled and assessed by the Command Selection Board.
4. Ratification by the board if you have good sim performance track record and they think you are acceptable.
5. Rostered a Command Evaluation which is in three phases of between 8-12 sectors each phase. Phase 1 is build-up where you are PF for about 80% of the sectors and you are questioned at length over procedures, rules, scenarios etc during the cruise phase. Input will be offered from the Training Captain during Phase 1, but they do expect you to know the vast majority of it already. This phase is non-reportable (but only the mug would think that nothing is passed on to the next trainer!

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Phase 2 and 3 are the Evaluation Phases where you run the show completely from the right seat, making all decisions with only 'competent F/O' input coming from the Training Captain. During Phase 2 you are expected to do lots of hand-flying (conditions permitting), including raw data and the 'cruise questioning' continues with them virtually working their way through the line training syllabus. Each phase is reportable and after all three phases the reports go back to the Command Selection Board who determine whether or not you will be offered a Command Course.
Timescale from successful bid to course depends on requirements and when the CSB sit, but during our current expansion it took me 6 months, with another 4 months until the Command Course was finished.
All in all, very intense (as they all sound above!) and with my limited capacity I ate and drank 'command' for the 10 months.
Interestingly the procedure was ammended last year to what I have just posted, previously I heard it was one of the most drawn out in the industry (which was fine with a 15 year wait for a command). This involved a sim 'chop' ride where you were put over the Alps and given a decompression and various other problems leading to diversion, G/A and another diversion. Apparently it was a 'load em up and see if they can handle it' exercise, which was not very scientific and it was pointed out that with 15 years worth of training file history on each F/O then perhaps the training department wasn't doing a very good job if they didn't know who would 'make it' without this sim ride.
PP