On a recent trip to California—Salinas, to be precise—I toured the National Steinbeck Center. I knew of John Steinbeck’s great novels such as Of Mice and Men and The Grapes of Wrath, but I did not know of his 1962 Nobel Prize in Literature. According to the Nobel Prize website, Steinbeck was chosen “for his realistic and imaginative writings, combining … sympathetic humour and keen social perception.”

The Nobel Committee also awards prizes in areas such as physics, chemistry, medicine, peace, and economics. The brilliant men and women who win these awards impart to us their insight into human nature and their skill in their respective disciplines.

While the CFA Institute may not carry the prestige of the Nobel Committee, it also presents a number of awards that recognize talent in the financial sector. For example, the annual Research Challenge provides university students with hands-on mentoring and intensive training in financial analysis. Student teams research and analyze a publicly traded company and then write a report on that company that includes a buy, sell, or hold recommendation. Those teams that reach the Local, Regional, and Global Finals present and defend their analysis before a panel of industry professionals.

But why are awards important? Well, we don’t need a leadership coach to confirm that, as humans, it’s natural to be pleased when we’re recognized for our skills and achievements. Many people struggle with making an objective assessment of their own skill set, so self-assessments can often either under- or overestimate their abilities. Lastly, gaining recognition from your peers and your industry is critical to pushing people to strive for still higher achievement. Prizes and awards also act as an objective measure that both colleagues and consumers can rely on when assessing who they can count on to deliver.

While a Nobel Prize may elude most upcoming students and CFA charterholders, striving to improve and to reach for higher ground will never be out of fashion.

Congratulations to all our winners!