Currently, of the string quartets from around the world who submit entries, up to twelve are selected to take part in the competition. All members of the quartets must be under the age of 35. After playing Haydn, Mozart, a 20th-century work and a fixed competition piece before audiences over a period of several days, six semi-finalists are selected, and each play a quartet from a selected list from the Romantic era (19th century). Three finalists are then selected and play a Beethoven quartet. The competition rules have varied over the years; for instance, in some years up to 2018, the Beethoven quartet was played in the semi-final and the Romantic era quartet in the final.
Each year the winning ensemble receives a cash prize and a three-year career development programme, including a recording session and a UK performance tour. There are also cash prizes for second and third place and smaller specific prizes.