Yes, my Master!
One of the other things that I was thinking about was what it takes to be recognized as a Jedi Master by the Jedi Council.
This comes from wookiepedia:
The rank was usually achieved by Knights who successfully entered Padawans into knighthood. When a teacher felt that his or her Padawan was ready, the pupil would undergo a series of tests, known as the “trials“[1], and should the student pass, the Council would promote the Padawan to Jedi Knight and the teacher to Jedi Master. The Master could then pick another apprentice if they chose to. A Knight who hadn’t taken a Padawan could also retake the trials to earn the rank; often the trials were much harder and often involved a few more tests. The rank could also be granted by the Jedi Council to a Knight for performing some extraordinary deed or service, although this was rare and often reserved for Padawans to become Knights.
Which puts a whole new spin on the Companion feature Bioware has been talking about. Will it be possible to advance to Jedi Master? And if so, will you be able to do it in one of two ways? Does your companion become an important piece of your eventual ascension to Master? Will you be able to take them on as Padawans and train them up to Knight? Or will it just be some major quest that your Jedi completes and then that is that? I really hope it is the first method. Cause that would be a little slice of awesome.

Holocronlets