I don't even think the second master skill of Man at arms is good? Is it?

Hydro has many good master spells. The others int school have typically 1 (the big AOE ones, although in geo you might prefer the blob since it comes with the AOE too?).

Marksman master spells are good (spray and rain esp.). I wouldn't stop at 4.

I'd say the only schools worth maxing up to 5 are marksman and hydro (not man at arms).