I once worked with a guy who had a master’s degree in engineering from Columbia. He was the head of an accounting group with one employee reporting to him.
He was dumber than a box of rocks, and eventually had to be fired. His one employee, who did all the work anyway, continued to do the job, so his position was eliminated.
Plus, since you're probably smarter than your boss, he's going to constantly see you as a threat and keep you from advancing. Beware these kinds of frauds.