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Douglas Harper's Etymology Dictionary
master's degree

late 14c., originally a degree giving one authority to teach in a university; from master (n.) in its general sense of "man of learning" (early 13c.), "a teacher" (c.1200).

Wiktionary
master's degree

n. A postgraduate degree which aims to assist students in developing a mastery for a particular academic field or profession.

WordNet
master's degree

n. an academic degree higher than a bachelor's but lower than a doctor's

Wikipedia
Master's degree

A master's degree (from Latin magister) is a second-cycle academic degree awarded by universities upon completion of a course of study demonstrating mastery or a high-order overview of a specific field of study or area of professional practice. A master's degree normally requires previous study at the bachelor's level, either as a separate degree or as part of an integrated course. Within the area studied, master's graduates are expected to possess advanced knowledge of a specialized body of theoretical and applied topics; high order skills in analysis, critical evaluation, or professional application; and the ability to solve complex problems and think rigorously and independently.