"A man can be the master of many things, but not often, himself." -Twain
What is a Masterhood?
Class Masterhoods are given for the obvious reason, excellence in the named class. For instance, Master Archer would be given for excellence in Archery (although there are some who think it should get it's own seperate award). Every class has one of these and in most corporas to achieve this award, something like this must happen; You behave excellently in class 'X', the Guildmaster of the Class recommends you to the Monarch for your masterhood, then jointly the Monarch and the Prime Minister decide if you are worthy or not. To some people these don't mean anything, to others they are the coolest thing ever, it's all about perspective.