Peter's excited to receive an honour at start of school year (9)
I believe the answer is:
september
'start of school year' is the definition.
(the school year begins in September)
'peter's excited to receive an honour' is the wordplay.
'excited' indicates an anagram.
'to receive' is an insertion indicator.
'an honour' becomes 'MBE'.
'peters' with letters rearranged gives 'septer'.
'septer' going around 'mbe' is 'SEPTEMBER'.
'at' acts as a link.
(Other definitions for september that I've seen before include "Ninth month" , "The longest month?" , "Tempers be strangely raised at this time" , "It follows 3" , "Tempers be changed this month?" .)