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There is plenty to learn on an IT MSc, most IT spuds who haven't done an CompSci degree before will learn plenty. It can get pretty theoretical eg turing/register machines, algorithms, operating systems, functional programming to almost practical: databases, security, electronics, software engineering methodologies. Yeah there is plenty to be learnt, it's just having done one of these things I can honestly say I have never used any of the stuff on contract. The teaching people are CompSci academics, they generally don't teach you about the lastest version of VB, Oracle, Windows etc.
Jabberwocky is right. One of my lecturers admitted that because it's an Msc they are required to make it as academic as possible and include a research project. It doesn't matter how old the material is. I learnt about the architecture of the 8086...16 bit CPU FFS!!!
How useful is it to know that EAX, EBX, ECX, EDX, ESI and EDI are general purpose registers on the Pentium???
I dont think you should bother unless it is stoping you getting work.
In which case, if you are over 35 just invent one. Nobody checks. It's only the HR bods who care, once you've passed their filter the manager is only interested in your skill-set.
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