Master being outside for example is huge (4)
I believe the answer is:
mega
'huge' is the definition.
(mega can mean very large)
'master being outside for example' is the wordplay.
'master' becomes 'ma' (Master of Arts).
'being outside' is an insertion indicator (some letters go outside others).
'for example' becomes 'eg' (short for 'exempli gratia', 'for example' in Latin).
'ma' placed around 'eg' is 'MEGA'.
'is' acts as a link.
(Other definitions for mega that I've seen before include "Big" , "Great American" , "Great - denoting a million" , "As brilliant" , "Game (anag) -- great" .)