Congratulations to Dr. Jim Carrey!

The 52-year-old funnyman was awarded an honorary doctorate of Fine Arts from Maharishi University of Management in Fairfield, Iowa on Saturday. The Canadian-American comedian delivered a heartfelt commencement address to the class of 2014 graduates.

While on stage donning a yellow cap and gown, the "Dumb and Dumber" actor opened up about his personal life and childhood, but became emotional as he spoke about his father, Percy Carrey. The actor revealed that it was his father, who died in 1994, inspired him to go after his dream.

"So many of us choose our path out of fear disguised as practicality," he told the graduates. "My father could have been a great comedian but he didn't believe that that was possible for him, and so he made a conservative choice. Instead, he got a safe job as an accountant."

Carrey added: "When I was 12 years old, he was let go from that safe job. Our family had to do whatever we could to survive.... I learned many great lessons from my father, not the least of which was that you could fail at what you don't love, so you might as well take a chance on doing what you love."

The "Ace Venture" star encouraged the graduating class to pursue a career in something they love and to never be afraid to take a risk going after their dreams. Carrey said he realized his own desire to become a comedian at the age of 28.

"When I was about 28, after a decade as a professional comedian, I realized one night in L.A., the purpose of my life had always been to free people from concern, just like my dad," he said. "I can tell you from experience the effect you have on others is the most valuable currency there is.... I often said that I wish people could realize all their dreams and wealth and fame, so that they could see that it's not where they're going to find their sense of completion. Your job is not to figure out how it's going to happen for you, it's opening a door in your head, and when the door opens in real life, just walk through it."

Carrey was being honored for his lifetime achievements as a world-famous comedian and actor, artist, author and philanthropist.

"He started with some locally related jokes, which drew approving applause and a lot of laughter. He inspired the students to think big and not give in to fear, but to choose love. Many said it was the best commencement talk ever," the university said in a statement.