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Here is a summary of a study done of Fortune 500 companies asking them how they value MCSE (and other computer Certs) vs. a 4 year degree. Source - TechRepublic.com.
It's obvious from the study that human resources personnel who have worked with MCSEs find them equally or more successful than employees possessing four-year degrees. It's also clear that human resource managers that haven't worked with MCSEs believe such employees are less successful.
Thus, it appears Microsoft has some marketing to do. It appears it's time for some testimonials.
In the interim, I'm not convinced anyone should enter the workforce without a college degree. Who knows what value an MCSE will offer three or four years from now. It's relatively safe to say that, once the tech sector growth explosion slows, as it appears it has (just ask Cisco), four-year academic educations will shine again.
Therefore, my prescription is simple. Build your career using three elements. Earn a solid, four-year degree. Prove your systems expertise with an MCSE or CCNA as time permits. Then test your mettle by gaining hands-on, real-world experience. You won't be sorry.