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Getting a degree, unless it provides a direct and tangible benefit to your employer, should not be grounds for a raise. Your salary depends on what you provide to your employer. But getting that degree make also make you eligible for an internal transfer and it shows initiative. So it does have non $$ benefits.

The exception of course is people in a consulting firm -typically they charge their customers more for people with PhDs than BAs.

I agree with everything else you've mentioned.

James