I like the way Smith-Rigdon Restoration sect, The Church of Jesus Christ (known as Bickertonites) puts it:
Should Prophets Be Ordained?
It is likely that this question arises from reading Ephesians 4:11-12 – And he gave some, apostles; and some, prophets; and some, evangelists; and some, pastors and teachers; For the perfecting of the saints, for the work of the ministry, for the edifying of the body of Christ. Of this list, The Church of Jesus Christ ordains apostles, evangelists, and teachers. With no other scriptures for support, we might infer that all of these were meant to be ordained offices. But we already know of many, many prophets in the scriptures without finding a single report of any prophet being set aside by the Church. Therefore, ordaining prophets would be an ordinance without scriptural support.
Both scriptures are replete with accounts of prophets – Moses, Isaiah, Jeremiah, Elisha, Lehi, Nephi, Abinadi, Samuel the Lamanite and Mormon, to name a few – who were chosen directly by God. We also find many New Testament examples of prophets, such as those who traveled from Jerusalem to Antioch including one named Agabus, Judas and Silas, the four daughters of Philip, and others including John the Revelator. None of these examples include reports of having been ordained as prophets, although some of them had other, ordained callings.
Referring to gifts of the Spirit, Paul provided a similar list to the one above in 1 Corinthians 12: 28 – And God hath set some in the church, first apostles, secondarily prophets, thirdly teachers, after that miracles, then gifts of healings, helps, governments, diversities of tongues. In 1 Corinthians 14, Paul further reinforces prophecy as a valuable gift to the Church and alludes to the potential for many to prophesy (1 Corinthians 14:1-6). An important point to take here is the potential for MANY prophets, i.e.: MANY who speak the Word of the Lord. It seems that Paul refers to all who prophesy (all who speak the Word of the Lord) as prophets in the context of his discussion. It follows then that, at the moment one manifests the gift of prophecy, he/she would be deemed by Paul to be a prophet … at that moment.
So, there is plenty of evidence that prophecy is a great gift of God that may be manifested in one who is ordained as well as in one who is not ordained. It may be given to a person one time in his/her life, a few times, many times, or even frequently and reliably. Whenever a message is manifest by the Spirit of God, it is prophecy. When a person is gifted with prophecy frequently and reliably, he is likely to be referred to as a prophet. If the gift ceases to manifest in that same person, reference to him as a prophet is not likely to continue. Rather some would say something like: “He used to be a prophet,” or “He used to prophesy”, or “He used to have the Word of the Lord.” Man cannot ordain the gift upon man, it is only bestowed by God who gives gifts unto mankind severally as He will.
Accordingly, as we worship the Lord and experience the Restored Gospel of Jesus Christ, we should expect to experience prophecy and, from time to time, those who we might regard as prophets because of their frequent and reliable manifestation of the gift. God may ordain someone for life, and it would be evident in the fulfillment. But it is a gift of God – not an ordained office of the Church – although it may be given to one who has been ordained as well as to one who has not.
(Source)
