Apparently, U of M didn't think he was going to win. The benefits of the award Along with the prestige of winning the prize, comes a substantial amount of money. The winners also enjoy a fun-filled week of parties and fancy dinners in Sweden. They know how to throw a party. Each year, the ceremony takes place Dec. 10 in Stockholm.
Winners receive a certificate and a gold medal, which is presented by the king of Sweden.
Another advantage of winning the prize is the increased respect from peers and the scientific community, Hoffmann said. Phillips also attended a function at the White House with renowned physicist Steven Hawking, who has won fame for discoveries including a formula to determine the radiation of black holes. Another result of winning the Nobel Prize is an instant increase in the professor's value to their college or university. Hoffman said that once he won the award, Cornell paid him more money per lecture. Both Phillips and Hoffman said that after winning the Nobel, other universities began recruiting them.