Award involving one college examination (7)
I believe the answer is:
medical
'examination' is the definition.
(medical is a kind of examination)
'award involving one college' is the wordplay.
'award' becomes 'medal' (medal is a kind of award**).
'involving' is an insertion indicator.
'one' becomes 'i' (Roman numeral).
'college' becomes 'c'.
'i'+'c'='ic'
'medal' enclosing 'ic' is 'MEDICAL'.
(Other definitions for medical that I've seen before include "Thorough health check" , "Of the science dealing with treatment of disease" , "Relating to doctoring" , "Declaim (anag) -- health check" , "Relating to the art of healing" .)