Here are the directions. You may need a lag switch. If anyone needs a video tutorial please comment below so I can upload it to this topic. The founder of this glitch is JAMIExELITE. A video is posted on Jamie's Facebook:
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1. Go on to the account that you want the prestige glitch to be on.

2. Sign in as a guest on your second controller.

3. With your second controller hover over to store.

4. With the second controller tap X on ps3 or A on xbox once so the notice comes up.

5. On the second controller tap X on ps3 or A on xbox, once at the same time tap O on ps3 or B on xbox on the first controller and straight after tap X on ps3 or A on xbox, on the second controller. Or just hover over to store tap X twice on ps3 or A twice on xbox, on second controller and O on ps3 or B on xbox on the first at the same time.

6. The screen will go black and keep tapping X on ps3 or A on xbox on your first controller till a screen comes up with all your users.

7. Click on the user that has got the prestige's on it.

8. Go to the Multiplayer screen and the account you signed into will be level one.

9. Tap O on ps3 or B on xbox and it will ask you to sign out tap on yes.

10. It will go back to the account you want the prestige on.

11. You will have to the same method from stage 1. to 9 about 7 times.

12. It took me 7 times for the master prestige came up on the prestige account.

13. Tap O on ps3 or B on xbox and it will ask you to sign out tap on yes.

14. On the account that you wanted the prestige glitch on it should be like master like mine.

15. Hold down the PS OR XBOX button and then click on turn of the system click yer.

17. Turn the ps3 or xbox back on go on Black Ops 2 and when your on multiplayer you will have the prestige on the account!