Bishops seem to have been responsible for the congregation's money (sort of a combination CEO and treasurer), so they needed to have demonstrated an ability to handle money outside of the church in their own households, as well as having good moral character. Deacons could be male or female and probably handled a variety of church affairs (which are hard to figure out from the description). They too needed to be upstanding moral figures in order to be official leaders in the church.
[links to Bible Gateway open in a new window]Reading the Bible in Its Entirety
If you are planning to read the Bible in its entirety, you should read 1 Timothy 3 today.