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What did receiving a master of arts degree mean at the medieval University of Paris?

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Gothic-style stone buildings of Corpus Christi College, University of Cambridge, surround a large green courtyard in Cambridge, England. — University Corpus Christi College, University of Cambridge, England.

At the medieval University of Paris, receiving a master of arts degree was fundamentally defined by the acquisition of a license to teach, known as the licentia docendi.12

The degree signified that a scholar had successfully completed their apprenticeship as a bachelor and had been granted the chancellor’s permission to "incept". This process of inception marked the scholar's formal entry into the profession as a fully licensed teacher, recognized by their peers. The transition was symbolized by several rituals:1
* The candidate was presented with a magisterial cap, or biretta, signifying their emancipation from the state of bachelordom.1
* The new master delivered a formal inaugural lecture.1
* The scholar was welcomed into the society of professional brethren with set speeches and took their seat in a master’s chair.1

In this context, the term "master" was equivalent to "doctor," and the degree served as a prerequisite for those wishing to pursue further studies in the superior faculties of theology, medicine, or canon law.312