It served to prevent unlicensed instructors from operating, both as a form of quality assurance and as a monopoly to protect the livelihoods of its members.
Like the guilds it resembled, the company certified its members with varying ranks, depending on their level of skill and degree of permission to teach.
The next rank, Provost, provided the individual with apprenticeship to an instructor with whom they worked closely so as to improve their teaching skills and further their martial abilities.
There were some attempts in the early 20th century to reform the guild, first in 1903, under the title "The London Académie d’Armes", and again in 1931 as "The British Federation of Fencing Masters".
Today, several Historical European martial arts (HEMA) groups use modified versions of the Company of Masters ranking system.