Masters do not display when a Presentation is not open due to design.
Cause:
Masters do not display if a PowerPoint presentation is not open. This is by design.
Solution:
Open a presentation, and select 'Master' from the 'View' menu.
1) Open an existing PowerPoint presentation.
2) Select the 'View' menu and select 'Master'. (The Master submenu appears.)
3) Select the desired 'Master'. (The master is displayed.)