The Masters is the first major championship of the year. Since 1948, its final round has been scheduled for the second Sunday of April, with several exceptions.

The Masters has the smallest field of the four golf major championships.

The Masters is an invitation only tournament.

Previous Champions are eligible to play for life.
Please give me a list of qualities that make the Masters is golf's top tournament unique?
As with the other majors, winning the Masters gives a golfer several privileges which make his career more secure. Masters champions are automatically invited to play in the other three majors (the U.S. Open, The Open Championship, and the PGA Championship) for the next five years (except for amateur winners, unless they turn pro within the five-year period), and earn a lifetime invitation to the Masters. They also receive membership on the PGA Tour for the following five seasons and invitations to The Players Championship for five years.

Because the tournament was established by an amateur champion, Bobby Jones, the Masters has a tradition of honoring amateur golf. It invites winners of the most prestigious amateur tournaments in the world. Also, the current U.S. Amateur champion always plays in the same group as the defending Masters champion for the first two days of the tournament.

Amateurs in the field are welcome to stay in the "Crow's Nest" atop the Augusta National clubhouse during the tournament. The Crow's Nest is 1,200 square feet (110 m2) with lodging space for five during the competition.

The total prize money for the 2021 Masters Tournament was $11,500,000, with $2,070,000 going to the winner. In the inaugural year of 1934, the winner Horton Smith received $1,500 out of a $5,000 purse. After Nicklaus's first win in 1963, he received $20,000, while after his final victory in 1986 he won $144,000. In recent years the purse has grown quickly. Between 2001 and 2014, the winner's share grew by $612,000, and the purse grew by $3,400,000.

Green jacket
In addition to a cash prize, the winner of the tournament is presented with a distinctive green jacket, formally awarded since 1949 and informally awarded to the champions from the years prior. The green sport coat is the official attire worn by members of Augusta National while on the club grounds; each Masters winner becomes an honorary member of the club. The recipient of the green jacket has it presented to him inside the Butler Cabin soon after the end of the tournament in a televised ceremony, and the presentation is then repeated outside near the 18th green in front of the patrons. Winners keep their jacket for the year after their victory, then return it to the club to wear whenever they are present on the club grounds. Sam Snead was the first Masters champion to be awarded the green jacket after he took his first Masters title in 1949.

The green jacket is only allowed to be removed from the Augusta National grounds by the reigning champion, after which it must remain at the club. Exceptions to this rule include Gary Player, who in his joy of winning mistakenly took his jacket home to South Africa after his 1961 victory (although he has always followed the spirit of the rule and has never worn the jacket); Seve Ballesteros who, in an interview with Peter Alliss from his home in Pedreña, showed one of his two green jackets in his trophy room; and Henry Picard, whose jacket was removed from the club before the tradition was well established, remained in his closet for a number of years, and is now on display at Canterbury Golf Club in Beachwood, Ohio, where he was the club professional for many years.

By tradition, the winner of the previous year's Masters Tournament puts the jacket on the current winner at the end of the tournament. In 1966, Jack Nicklaus became the first player to win in consecutive years and he donned the jacket himself. When Nick Faldo (in 1990) and Tiger Woods (in 2002) repeated as champions, the chairman of Augusta National put the jacket on them.

In addition to the green jacket, winners of the tournament receive a gold medal. In 2017, a green jacket that was found at a thrift store in 1994 was sold at auction for $139,000.

There are several awards presented to players who perform exceptional feats during the tournament. The player who has the daily lowest score receives a crystal vase, while players who score a hole-in-one or a double eagle win a large crystal bowl. For each eagle a player makes, they receive a pair of crystal goblets.