The 50-year-old followed in the footsteps of Gareth Southgate upon his appointment to the top job after Euro 2024, where his predecessor stepped down after almost eight years in the job.
Southgate had also taken charge of the Under-21s before being given the England job on a temporary basis, but the two-time European Championships runner-up impressed the FA enough to be given the role on a permanent basis.
Carsley did his hopes of staying on no harm at all in September, winning his first two matches in charge against the Republic of Ireland and Finland, and he could have become just the second England men's boss to win their first three competitive games after Fabio Capello.
However, an experimental England side were second best against Greece on Thursday evening, where a double from Vangelis Pavlidis propelled the Pirate Ship to their first-ever win over the Three Lions at the 10th attempt.
Carsley: "Hopefully I'll be going back to the Under-21s"
The 2-1 victory was a particularly emotional one for Greece, who were mourning the death of former international right-back George Baldock, and Pavlidis dedicated both of his goals to the ex-Sheffield United man.
Greece now sit three points clear of England in League B Group 2 of the UEFA Nations League, and only first place guarantees an automatic promotion to League A, with the runners-up having to contend a playoff to learn their fate.
However, should England have to navigate their way through the relegation/promotion playoffs next March, Carsley does not expect to be in the hotseat for those games, telling a press conference that he would "hopefully" return to his Under-21s job.
"My remit has been clear from the start," the 50-year-old said. "I'm doing three camps, there's three games left, and then hopefully I'll be going back to the Under-21s."
Carsley changed his tune slightly when asked if he was ruling himself out of contention, though, saying: "I said at the start that I wouldn't rule myself in or out and that's still the case. I'm very aware that this job is one of the best jobs in the world."
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Carsley initially had every reason to be optimistic about taking the reins on a full-time basis - after all, Southgate followed the same path - but Thursday's loss may very well have cost him his chances.
The FA were always going to be running the rule over a selection of candidates regardless, and there have been whispers that the governing body could make an audacious move for Manchester City head coach Pep Guardiola.
The ex-Barcelona and Bayern Munich manager is out of contract at the end of the season, although he played down links with the England job when quizzed on such reports in August.
England opted to appoint Carsley rather than making a move for Graham Potter, who is available immediately and is still thought to be held in high regard by the FA, as is Newcastle United's Eddie Howe.
For the time being, Carsley and co are fully focused on preparations for Sunday's trip to Finland, although the Three Lions have been dealt an alarming injury scare over a key name ahead of the clash with the Scandinavians.