We formulate, an effective independent particle model where the effective Hamiltonian is composed of the Fock operator and a correlation potential. Within the model the kinetic energy and the exchange energy can be expressed exactly leaving the correlation energy functional as the remaining unknown. Our efforts concentrate on finding a correlation potential such that exact ionization potentials and electron affinities can be reproduced as orbital energies. The equation-of-motion coupled-cluster approach enables us to define an effective Hamiltonian from which a correlation potential can be extracted. We also make the connection to electron propagator theory. The disadvantage of the latter is the inherit energy dependence of the potential resulting in a different Hamiltonian for each orbital. Alternatively, the Fock space coupled-cluster approach employs an effective Hamiltonian which is energy independent and universal for all orbitals. A correlation potential is extracted which yields the exact ionization potentials and electron affinities and a set of associated molecular orbitals. We also describe the close relationship to Brueckner theory. (C) 2004 American Institute of Physics.