(NOTE: Updated 10 September 2016)
When first making your character, you are select which characteristic is more important to you for your character to possess, Wisdom or Valor. The one that is most important, you are allowed to place two points in, and the other gets one point. For the two-point Characteristic, you are allowed to choose either a Virtue (aka Mastery, from Wisdom) or a Reward (aka Quality, from Valor). As game-play begins and continues, and you improve your Wisdom and Valor characteristic scores, beginning at Rank 2 you are allowed to select, from what is available to your culture, a new Virtue or Reward to improve your character with. As there is a maximum of six ranks for each characteristic, that means you may have a total of five (5) Rewards and five (5) Virtues, which likely will not be available to you until the pinnacle of your character's development. You will find a listing of these in the culture you chose for your character, which links to the PDF versions of those documents are found, below...
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your Wisdom or Valor score is just like using one of your Common Skills, with the number of Success Dice you roll being equal to the number you have in the characteristic. Rolls are interpreted the same, as well, and you may have to make a roll for Fear and Corruption tests, for Interactions and the like. Indeed, for Encounters, your score in either Wisdom or Valor, depending on which is valued most by the NPC you're interacting with, may be used to help set the Tolerance of the interaction.
your Wisdom or Valor score is done similarly to your Common Skills, in that you accrue so many Experience Points, XP, and apply that to improving either or both of these characteristics, in accordance with the following chart...
Desired Valor/Wisdom Rank
Desired Weapon Skill Rank
Cost (No Favored)
Ranger/High Elf Cost
Consider well what Rewards and Virtues you may take for your character, as these will be what shapes your character's end-game outcome.