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I have one certifcation. I did the self teach, then certify route. I have a buddy who has a boat load of certificatiosn. He does consulting and it's worth some to him both in terms of locating business and pricing for microsoft products (that he installs/resells). He does some consulting and for him I think they are worth it. If you are looking for work in a consulting environment, they will likely like that you have certifications, they like to brag about the number of certified people they have on staff, so getting somebody with certifications is good in that arena.
For in house IT the little interviewing I've done in my life, it hasn't mattered much. In my experience, people will sometimes ask about it but it's not valuable in lieu of experience....but I have to admit the route I took in my career was not very standard and your experience may be different.
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