There is no set method to beat the masters, There is no set method to beat anyone in fact. I'm going to list the masters, and i will list their one key strength, and their 1 key weakness. What you do with that info is up to you.
Master Level 1 Muten
Stengths: Average in all area's
Weaknesses: No real strengths
He has good block and dodge, your best bet for beating him is to up your hp a bit, and to increase your attack bonus. If your balance just keep versi maxed and he'll be a push over.
Master Level 2 Kakashi
Strengths: High attack bonus and DD
Weakness: Low HP,
He can be a pain to beat, if he takes control it'll be hell taking it back. Your best bet may be to invest into feint seeing as it ignores attack bonus altogether. BUT where he has low HP get a few good moves on him and he's toast.
Master Level 3 Cartman
Strengths: He has VERY good submissions
Weakness: only 10 initiative
I'm not a huge advocate of initiative myself, but Cartmans is low, after each submission initiative decides who takes control of a match. A bit of attack bonus and more initiative then he has, and cartman is toast.
Master Level 4 Mario
Strengths: Good dodge
Weakness: doesn't deal too much damage
A lot of people find Mario a pain to beat, there is one easy way to beat him though, he relies on dodge, high attack bonus destroys his strength, just have about 20+ attack and he's doomed.
Master Level 5 Buu
Strength's: VERY high HP and DR,
Weakness: Not so amazing stamina.
Basically what you want to do is wear his stamina down. Without that his hp and DR are redundant. Just make sure you keep control, up your attack and your block / dodge and you'll chip away until nothing is left.
Master Level 6 Homer
Strength: Lots
Weakness: Block and Dodge
Although he's fairly good in every area Homer isn't so good at dodging and blocking moves, so long as you can take control, you'll probably be able to keep it too. BUT if he does get control he will whip you good and fast so try to keep that from happening.
Master Level 7 Ryu
Strength: Attack and Damage
Weakness: HP and DR
Although he has the power to wipe you out fast, he hasn't got much HP himself, by now your trademarks should be hitting hard. So long as you can get a few good powerful moves in, the guy is toast. Just make sure you set your finisher to always, you should be fine in this one.
Master Level 8 Jin
Strengths: Submissions
Weakness: Initiative
Once again this tech masters weakness is his initiative, he actually has LESS then cartman did. So if you upped your initiative to beat cartman this guy shouldn't be a problem. BUT if he does catch u in one, you'll be screaming anyway so try not to give him that chance.
Master Level 9 Wolverine
Strength: High dodge and good hp / DR
weakness: Not so high attack, Low damage dealing
This is a problem all speeds have, masters are no exception. This guy will last, if you want to beat him your going to need stamina and HP to win. He's going to take everything you throw at you and either dodge it or laugh as it hits him. Just keep chipping away and he'll eventually go. Having good DR and HP yourself can greatly help in beating this guy.
Another strategy to defeat Wolverine is to increase your Dodge and Direct Damage bonuses. This will let you last longer, by dodging, and increase the power of the moves you hit on him. In all likelihood the truly best strategy against Wolverine lies between these two strategies. It just depends on how you want to build your character.
Master Level 10 Zangeif
Strength: Insane HP DR and Resistance
Weakness: Not so great block / dodge or attack.
This guy is insane in the "how long can you last" catagory, you'll want high stamina to beat him, luckily taking control of the match and keeping it is fairly easy, unluckily the guys moves hit mortal quite often, you'l want to have some good hp and DR if you want to survive this man monster.