The way I would answer your question is this.
In most cases the actual term Master Electrician comes in the way of a certificate of competency and license from the authority having jurisdiction. Just as in any other profession someone goes through the schooling and field experience and achieves a level of expertise. But as in any profession there is good, bad and mediocre.
I think your right that in todays world there is so much to know none of us can be an all around "master" of our field. We all have our strong points which mostly comes from what our own experience has taught us and what kind of mentors we have had.
All that said I think that I like the title Master electrician as achieving the license and what our job involves is no easy task.
