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Do you tell your Bosses

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In most cases it does not matter to them because hands-on real world experience is more valued.

You could tell them but they might just go, "Ok that is nice."

Don't expect more money.
 
I'm taking night classes.. my boss knows as I wanted to tell them why I couldn't work OT certain days of the week.
 
Of course you should, most larger companies will have tuition reimbursement and/or a raise upon completion a graduate degree.
 
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