My notes on these lectures. Feel free to share. Plz do inform me in case of any mistakes...
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وَلَمَّا بَلَغَ اَشُدَّهٗۤ اٰتَيۡنٰهُ حُكۡمًا وَّعِلۡمًا‌ ؕ وَكَذٰلِكَ نَجۡزِى الۡمُحۡسِنِيۡنَ ۞
And when he reached his mature age, We granted him wisdom and knowledge. And that is how We reward those who excel. 


This ayah spans a number of years but Allah tells us only what He thinks beneficial for us to know.

وَلَمَّا بَلَغَ اَشُدَّهٗۤ
Means reaching adulthood and strongest stage of life. Razi has compared human life to the phases of the moon. And he ascribes 7yrs for every week of a lunar month, with an extra 7yrs in the end..

There is difference of opinion as to what age it actually is.
Here اشد in اشدہ may be considered a plural, derived from شدّۃ becoming اشدد and that becoming اشدّ.... Whereas شد actually means tying something tight. And used to indicate intensity. So as a plural it would mean many intensities. Meaning that he reached an age when he had maximum intensities on emotional, spiritual, physical and intellectual levels. It seems that Yusuf AS is now a young man and has taken charge of the house and its responsibilities. 

اٰتَيۡنٰهُ حُكۡمًاوَّعِلۡمًا‌
As to what حکم means, there is difference of opinion again. Some say its prophet hood and knowledge is additional gift on top of that. 
According to Razi, حکم means ability to make the right choice at the right occasion, ie practical wisdom. Knowledge acquired through experience, not by reading etc.
And علم here means learning the theory first and then putting it to exercise ie experience. 
So he argues that Allah gave Yusuf practical knowledge before theoretical one. He is actually experiencing rich and varied environments and building his knowledge on that. 
Importance: "Education" does not just mean acquiring degrees through theoretical knowledge. It usually just decorates resumes and practically that knowledge may not be beneficial in the field at all. 
Here علم might also mean revelation. 

2nd part is interesting in that it appears that it does not specify this just for prophets or Yusuf AS 

Let's define the terms first:
Wisdom (حکمۃ) means the ability to make the right choice when you "know" it to be right. It also involves controlling your self, your emotions and impulses first. 

Knowledge is gaining new mental capabilities through learning and intelligence but knowledgeable people might not have any wisdom at all (stupid genius). Eg, smart people smoking or driving recklessly. Youth usually have knowledge and little wisdom whereas older people have more wisdom than knowledge. 


It becomes a bit complicated as what comes first? Whether wisdom and knowledge lead to excellence (احسان) or whether the محسنین are rewarded with wisdom and knowledge?

Solution: every person has some degree of knowledge and experience. 

Example: consider a new Muslim who has great difficulty in learning tajweed and reciting Quran. But he knows that he has to avoid haram. Like he goes to his cousin and refuses alcohol. And now he has become a "Mohsin" and Allah grants him more knowledge and wisdom and they further excel in "ihsaan"... And the cycle continues... 
So حکم here means more and more control over the nafs and if we keep practicing it, it becomes stronger and stronger and help us become better and better mohsineen. And theoretical knowledge opens up further avenues to practice this حکم. It includes both worldly and religious knowledge. 

Remember hadith e jibreel for definition of "ihsaan". 
Yusuf AS refrained from all kinds of bad deeds in all kinds of bad environments... But he practiced ihsaan. He excelled in it and Allah further blessed him with more knowledge and hukm/wisdom. 
And despite being a slave, Yusuf AS seems to be the only one actually free where everyone seems to be a slave of his/her desires... 
So a muslim can excel in ihsaan even in an environment full of evil and haram. Good people are always in a minority. Prophets always started as one against the whole community. In ayah an noor, Muslim's heart is described as a lamp (Misbah) that is always surrounded by darkness and still gives and spreads light... 

Importance... Peer pressure could become meaningless if we practice ihsaan. 1st you conquer yourself and then everyone will try to conquer you...!!! But Allah will help you with knowledge and wisdom. And that's the ultimate reward.