In college we actually have multiple classes where we have to write programs only using G-Code. We take those and Mastercam classes at the same time.
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It's good that they're teaching g-code, that will give you a much better understanding of how the machine actually works. I'm not familiar with Mastercam but I imagine it's like BobCad. Software that computes your tool path based on conversational programming relies heavily on a perfect environment. It's good to know g-code so you can alter the path in case you're having tooling or coolant issues as we both know sometimes you just have to make due with what you have available. In my experience that's what separated the machinist from the barnyard mechanic. The reason I learned g-code was from getting burnt on set up issues, it also allowed me to troubleshoot accurately. Nothing more frustrating than watching people try to overcome mechanical or setup issues with programming but sometimes it's the only solution. Keep in mind that the machines I worked on were for high volume production runs where tool life and downtime are both monitored.
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MasterCam is basically a more expensive BobCad. Slightly better simulations and toolpaths, but they do the same thing. MasterCam can be extremely temperamental though, and many of my friends in the field prefer BobCad. From what I've seen in the plants/shops I've visited, it seems that the large companies strictly use simulators rather than manually writing G-Code. So far I've only seen people write their programs manually in small shops that either can't afford or simply choose not to use simulators. In my case, we pretty much only use MasterCam, but once in a while have to slightly edit a program manually.