Renowned Mage of the Colors

Among the many wizarding and sorcery groups that litter the forgotton realms, many of those groups have methods of determining the merit and ability of their members. One of the highest such titles that a Wizard or Sorcer(er/ess) can reach in their academies and schools is be given the title of "Renowned Mage of the Colors."
Typically a ceremony is held by the senior members of the organization that celebrate the newly promoted caster to this apex of their learning career. It's also at this ceremony that the Wizard is given their new mage color, as a title to be appended to their name. For example, "Wizard John Doe the Green" or "Sorceress Lina the Pink." This color usually associated with the type of magic the caster performs, along with other personal factors that go into the color selection process.
This title also replaces any other titles that may have been earned during the course of a mage's tenure at their academies and organizations, showing that they are now leaders in their own methods of magic.

Qualifications

For any type of caster to hope to reach this rank, they have to have many years of study and practice of their craft. Typically for Wizards this comes with time in studying their own schools of magic and performing magical feats. For sorcerers, this comes with their years of honing and perfecting their skills in their own magical arts showing mastery of their incantations as well as form.

Grounds for Removal/Dismissal

While most members have their titles for their lifetime, there have been rare occations where a mage's color status has been stripped due to outright evil acts and other nefarious actions.

Type

Magical, Professional

Form of Address

Mage

Alternative Naming

Witch, Wizard, Sorcerer, Sorceress

Source of Authority

Senior Members of the Colors

Length of Term

Typically Lifetime, but can be stripped