Tutors may recommend to Governing Body that a Progress Prize is awarded to a student who has made particularly good progress in their academic work over the year and in their Public Examinations. First-year undergraduates may also be recommended for such a prize at the end of Hilary term based on their work over their first two terms.

The value of the prize is set by Governing Body. The prize takes the form of books which must be approved by the student's tutor prior to purchase.