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I would definitely have a problem working for a boss that did not know the intricate details of our work. I'm a civil engineer, both of the owners of my firm/bosses are two of the smartest people I've ever met and I respect the heck out of them for it (there's only one area of our discipline in which I feel I'm a little stronger then they are). I think one of them even graduated mag nu cm laude, not an easy feat when talking about an engineering degree.