If you want to be a photographer in Iceland:
"Working as a photographer or calling oneself a photographer requires a masters degree in photography from the Reykjavík Technical College, or a similar degree from another industry-based school in Iceland"
This is why one should not use Wikipedia.
In Iceland, under the Industry Act, to operate a professional photography business, requires the photographer to be registered as a tradesman of which there are three levels: Masters, Journeymen and Apprentices. To own the business the photographer has to meet the requirements (pay fees) as a Master tradesman.
It has nothing to do with getting a Master's degree. Think of it more like a photographer having a specific type of business license.