It is regarded as highest honors a mathematician can receive. Many people described as the mathematician’s Nobel Prize. Although there are several key differences between this Prize & Nobel Prize, like frequency of award, number of awards, and age limits.
Fields was instrumental in establishing the award, designing the medal itself, and funding the monetary component. The medal was first awarded in 1936 and it has been awarded every four years since 1950. Its purpose is to give recognition and support to younger mathematical researchers who have made major contributions. In 2014, the Iranian mathematician Maryam Mirzakhani became the first female Fields Medalist. The Fields Medal is a prize awarded to two, three, or four mathematicians under 40 years of age at the International Congress of the International Mathematical Union (IMU), a meeting that takes place every four years. The prize comes with a monetary award which has been CA$15,000.
The Fields Medal has for a long time been regarded as the most prestigious award in the field of mathematics and is often described as the Nobel Prize of Mathematics. Unlike the Nobel Prize, the Fields Medal is only awarded every four years. The Fields Medal also has an age limit: a recipient must be under age 40 on 1 January of the year in which the medal is awarded. The under-40 rule is based on Fields’s desire that “while it was in recognition of work already done, it was at the same time intended to be an encouragement for further achievement on the part of the recipients and a stimulus to renewed effort on the part of others.”Moreover, an individual can only be awarded one Fields Medal; laureates are ineligible to be awarded future medals.
In Fields Medal is knwon as Mathematician’s Nobel Prize but the monetary award is much lower than that given with each Nobel Prize & even Other major awards in mathematics, such as the Abel Prize and the Chern Medals have larger monetary prizes compared to the Fields Medal.