Here are some options you could use:
Formal:
* A convocation of magisters
* A faculty of magisters
* A body of magisters
Informal:
* A group of magisters
* A gathering of magisters
* A team of magisters
You can also use the noun "magister" itself as a collective noun, like "the magisters of the university."
Ultimately, the best choice will depend on the specific context and the desired tone.