The WTA Finals (formerly known as the WTA Tour Championships), are played annually at the end of the season for the top-ranked players on the WTA Tour. It is unofficially considered the fifth most prestigious event of the season after the four grand slam tournaments. It also has the largest prize money and ranking points after the majors. To qualify for the WTA Finals, players compete throughout the year earning ranking points on leaderboard. The top eight singles players and top eight doubles teams on the leaderboard at the conclusion of the year earn the right to compete at the WTA Finals.