It is probably one of the most iconic and important phrases in the world of movies. For months now, directors, actors, actresses, and anyone else part of the film industry has been anxiously awaiting this coming Sunday night where they may or may not hear those important words as they receive the highest accolade in moviedom: “And the Oscar goes to…”

According to the Academy Awards official website, the very first Academy Award was given to German actor Emil Jannings before the first Academy Award dinner in 1929. Jannings had to return to Europe, so the Academy gave him his statuette prior to the ceremony.

For the first awards, the 15 winners were announced several months before the Awards dinner. The next year, they decided to keep the winners a secret to build suspense to all attending the ceremony.

They did, however, give a list of the winners to newspapers to be published the night of the Awards.

That system worked very well until 1940 when the Los Angeles Times published the winner list in its evening edition, which guests attending the ceremony had plenty of access to. In 1941, the Academy began its “sealed envelope” tradition that is still in use today.

The winners are chosen by the American Academy of Motion Picture Arts and Sciences (AMPAS). As of 2007, there were 5,855 Academy members who vote to determine the winners in each specific category.

The categories range from the coveted Best Picture award to more technical awards such as Best Cinematography and Best Sound Editing. Awards are also given to Best Actor and Best Actress in a Lead Role as well as Best Supporting Actor and Actress.

As 2010 was a good year for movies, there are many favorites to win—especially for Best Picture. So far, Black Swan, The King’s Speech and The Social Network are the biggest contenders for the Best Picture. Toy Story 3 was also nominated for Best Picture, becoming the 3rd animated film to be nominated in that category.

For Best Actor, British actor Colin Firth, who played the lead in The King’s Speech, is considered most likely to win as his role was critically acclaimed and has won several other awards. Natalie Portman is the favorite to take home the Best Actress award for her performance in Black Swan.

Toy Story 3 is pretty much guaranteed a win Best Animated Film. It not only won that award at the Golden Globes, but it is also the highest grossing film of 2010. 

Many films this year were nominated for multiple awards; The King’s Speech received the most with 12. True Grit, Ethan and Joel Coen’s update of the 1969 John Wayne film, nabbed 10 nominations, and both Inception and The Social Network got 8.

While many students are interested in the winners, many do not watch the broadcast of the actual ceremony.

“The things I’m interested in I’ll look up later,” Jeanette Hernandez, a junior in mechanical engineering, said. “If I catch it on TV, then I’ll watch it.”

Janell Miller, a sophomore in English, said she would watch just to see who wins.

“I usually don’t watch them actually,” Miller said.

Andrea Mensch, a professor of English who teaches courses like Introduction to Film, said she looks at the more technical categories instead of just the more popular ones like Best Picture.

“I’m interested in sound editing, because I have an interest in music,” Mensch said.

Mensch also talked about the other categories—such as Best Short Film and Best Animated Short—that get glossed over, especially since there is not as much wide access to those films as they are to the others.

“It’s kind of frustrating, because we don’t have access here to…short films and animated shorts,” she said. “That’s a shame that you can’t see them ahead of time.”

She explained that you have to trust the Academy’s opinion, and you cannot judge for yourself if a particular film deserved an award.

When looking at the Best Picture category for this year, Mensch was impressed by the different types of films and the accessibility of them to wide audiences.

“There’s a real variety,” Mensch said.

And her personal pick for the Best Picture winner?

“I think it’s going to be between Black Swan and The King’s Speech,” she said.

She said that while Black Swan was a beautifully constructed film, The King’s Speech resonates with audiences a bit more.

“People love [The King’s Speech] because it’s inspirational,” Mensch said.

The suspense will build until the Oscars go live on February 27. May the best film win.