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What did the academic title inceptor mean at the University of Oxford?

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At the University of Oxford, the academic title inceptor literally meant "beginner".1

In the context of the university's medieval structure, an inceptor was an individual who had completed the required course of study but had not yet obtained their master’s degree. Academically, such a person remained an undergraduate, equivalent to the Parisian designation baccalaureus formatus.1