The Fields Medal is a prize given to mathematicians who are not over 40 years of age. It is given at each International Congress of the International Mathematical Union. This is a meeting that takes place every four years.
The Canadian mathematician John Charles Fields was the first to propose this medal and it was first awarded in 1936. It has been regularly awarded since 1950. Its purpose is to support younger mathematicians who made major contributions.
The Fields Medal is viewed, at least in the media, as the top honor a mathematician can receive.[1] It comes with a monetary award. In 2006 the award was C$15,000 (US$13,400 or €10,550).[2] The Abel Prize has similar prestige, and more money.
The Fields Medal is often described as the "Nobel Prize of mathematics". But there are several differences. First, it is awarded not only to recognize the valuable contributions of a mathematician but also to encourage him or her to continue their works. The Fields Medals have generally been awarded for a mathematician's whole work.
Another difference is that the Fields Medal is awarded every four years. The recipients cannot be over the age of 40.