While not as old as the Arcanites, the Magisters are just as well known and powerful of a guild. Those with a penchant for magic who either do not get accepted to the Arcanitorium or otherwise wish to abstain from the prestigious guild often join the ranks of the Magisters.
The Magisters are a looser organization, with a focus on self-development, focusing less on the need for a university. They have no central headquarters, instead using the Stigmel Library as a common meeting ground. It is also not unheard of for the Magisters to act as an intermediary for those looking to hire someone trained in the arcane arts.
Although they are not quite a mercenary guild, there are some who consider the Magisters just that.