Prestige is the act of resetting your awakened level and gaining 2 perks, one being a major and one being a minor. You can prestige at level 500, and every 100 levels after. You can also wait to gain more skill points before going through with it or do it right away. If you wait, you will have to get back to that level to Prestige again.

Every 5 prestige levels, you'll need +25 on the next one. The first 5 is 100 additional levels. The higher you level, the better benefit you will receive. Check the picture below for details.

Example: Player A hit's level 500 and goes to Prestige 1. Player B waits till level 1000 and goes to Prestige 1. Both require level 600 for the next Prestige.