University taken in by corrupt master for ages (7)
I believe the answer is:
matures
'for ages' is the definition.
('mature' can be a synonym of 'age')
'university taken in by corrupt master' is the wordplay.
'university' becomes 'u' (abbreviation for university).
'taken in by' is an insertion indicator.
'corrupt' indicates an anagram.
'master' is an anagram of 'matres'.
'u' going within 'matres' is 'MATURES'.
(Other definitions for matures that I've seen before include "develops" , "Ripens" .)