I have to start by saying that I've been a Microsoft Certified Solution Developer (MCSD) so long that I can't remember not being one, but I took my off of of the ball and I haven't updated my certification in a while. So, the first thing that goes through my mind is: Do I need to renew my certification, going through all of the studying and testing all over again? Realistically, how valuable is it in the market today to have that on your resume?

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Well, I was having a conversation with a independent consultant-friend of mine who has more certifications than anyone that I know: Multiple Microsoft Certifications, Cisco Certifications, etc. I think that he is a Certified Palm Reader as well, but I am not sure, because all of the certification letters after his name on his business card kind of run together.
According to him, it's just like having your College Degree listed on your resume; Some people care about it while others don't. He figures that it's helped him win jobs over his competitors who don't have certifications, and allows him to bill at a higher rate.
I am not sure if he's right or wrong on that, but it's an interesting point: Do non-technical hiring managers/contracting officers value (financially) people with certifications or not?
I'd love to hear your feedback on the question. Educate me!
~ Robert Shelton
In the meantime, since I work for Microsoft, let me point you to our lovely list of Certifications (they've grown since I last received my certification by about 300%).
Microsoft Certifications
MCTS
The Microsoft Certified Technology Specialist (MCTS) certifications enable professionals to target specific technologies and to distinguish themselves by demonstrating in-depth knowledge and expertise in the various Microsoft specialized technologies.
MCITP
The Microsoft Certified IT Professional (MCITP) certifications demonstrate comprehensive skills in planning, deploying, supporting, maintaining, and optimizing IT infrastructures.
MCPD
The Microsoft Certified Professional Developer (MCPD) credentials distinguish you as an expert Windows Application Developer, Web Application Developer, or Enterprise Applications Developer. These credentials demonstrate that you can build rich applications that target a variety of platforms using Microsoft .NET Framework 2.0.
Microsoft Certified Architect Program
The Microsoft Certified Architect Program targets practicing solutions architects and infrastructure architects who successfully apply frameworks and methodologies to create an architecture through the entire IT life cycle.
MCDST
Microsoft Certified Desktop Support Technicians (MCDSTs) have the technical and customer service skills to troubleshoot hardware and software operation issues in Microsoft Windows environments.
MCLC
The Microsoft Certified Learning Consultant (MCLC) credential recognizes Microsoft Certified Trainers (MCTs) whose job roles have grown to include frequent consultative engagements with customers. These MCTs are experts in designing and delivering customized learning solutions.
MCSA
Microsoft Certified Systems Administrators (MCSAs) administer network and systems environments based on the Windows operating systems. Specializations include the MCSA: Messaging and the MCSA: Security.
MCSE
Microsoft Certified Systems Engineers (MCSEs) design and implement an infrastructure solution that is based on the Windows operating system and Windows Server System software. Specializations include the MCSE: Messaging and the MCSE: Security.
MCDBA
Microsoft Certified Database Administrators (MCDBAs) design, implement, and administer Microsoft SQL Server databases.
MCT
Microsoft Certified Trainers (MCTs) are qualified instructors who are certified by Microsoft to deliver Microsoft training courses to IT professionals and developers.
MCAD
Microsoft Certified Application Developers (MCADs) use Microsoft technologies to develop and maintain department-level applications, components, Web or desktop clients, or back-end data services.
MCSD
Microsoft Certified Solution Developers (MCSDs) design and develop leading-edge business solutions with Microsoft development tools, technologies, platforms, and the Windows operating system.
Microsoft Certified Business Management Solutions Specialist
Microsoft Certified Business Management Solutions Specialists demonstrate proficiency with Microsoft Dynamics and related business products.
Microsoft Certified Business Management Solutions Professional
Microsoft Certified Business Management Solutions Professionals demonstrate professional proficiency with Microsoft Dynamics in one of three knowledge areas: applications, developer, or installation and configuration.
Microsoft Office Specialist
Microsoft Office Specialists (Office Specialists) are globally recognized for demonstrating advanced skills with Microsoft desktop software.
MCAS
Microsoft Certified Application Specialists (MCAS) have advanced business skills with the 2007 Microsoft Office system as well as with Windows Vista.
MCAP
Microsoft Certified Application Professionals (MCAP) demonstrate advanced cross-industry and cross-job role capabilities using the 2007 Microsoft Office system and Microsoft Office SharePoint Server sites.