It largely depends on:
- Where you do the research?
- What is the topic/subject?
- Who is the advisor?
- Your personal contribution to the project? (Your impact on the team)
- The result and end product, as well as its significance? (Important, but DON'T overrate it!)
- What you learn from the experience, and how it has shaped your thoughts & plans (Too often this part is underrated. It can be more important than actual results/end products!!)
- Better yet, have multiple research experiences that form a cohesive story
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While awards are helpful, in some cases, essential, there are often many other factors that are equally or sometimes more significant than awards to showcase a student's ability, attitude & personality.
ALSO, research is not just for STEM fields (i.e. if you plan to major in a STEM subject). Research, thinking, analytical skills/abilities are essential in almost all fields.