I have previously mentioned the fact that there isn't a Nobel Prize for Mathematics.
The Mathematical Community have the Fields Medal, which is as equally prized as a Nobel. The Fields Medal is awarded every four years at the International Congress of the International Mathematical Union. However, there is one huge difference between the Fields Medal and the Nobel Prize:
The Fields Medal is only awarded to mathematicians under the age of 40!
The reason is that the award is not just for work achieved, but to encourage younger mathematicians to further achievement.
This can lead to a race to complete important work before the mathematician turns 40, as in the case of Cedric Villani.
Too old to receive the Fields Medal when he proved Fermat's Last Theorem, Andrew Wiles, however, was given a Silver Plaque by the IMU in 1998 in recognition of his achievement.