I've interviewed a bunch of people for DBA role. For me, cert or no cert comes in a package. I'm willing to pay good money for good skill. Ask me if I'll hire a person because of MCDBA, etc? NO WAY!! I've met people with great certs (heaps of them!) but couldnt answer my simple question of "Explain clustered index and what its good for". She instead talk to me about programming, ended up knowing she's from a programmer background.

For me, a degree, masters, phd, etc shows a person has gone through some pain and therefore would be a bit more responsible than a person without. Cert shows his skills should beat a beginner in the field. But there are tons of way I could easily test his/her knowledge in SQL. I've asked some interview questions which i got back "It depends". To be fair, i always try to paint a more complete picture to make sure i've got an exact (possible) answer.

Pay more just because of cert = its nut.

Pay a lot for skill = yes

Pay a lot for skill + cert = yes

Pay a lot for skill + cert + interpersonal skill = definitely (will only know after sometime working in the environment)

Not to say all degree, masters, cert, etc all are too important (nonetheless it does matter to some level), but you'll know someone after working with them for sometime..