Money is likely because committees that hire PR firms and people would rather hire a finalist than one who isn’t. The honors in being a finalist are there because week after week the experts of PR Daily and Ragan see the best PR work by the world’s top PR people. University professors and professional association officers may not see even 10% as much real world PR work.

If you’re on a selection committee, the horde of candidates may sound very much alike and after awhile almost look alike. But a candidate who is a finalist was selected after being vetted by a team of savvy PR experts. A finalist, being one of the best, has a shot at getting the best accounts and money because there’s always more demand for the best than availability.

Many selection committees operate with the objective that to get top quality, let’s pay what we have to.