I have to agree with Timothy. It depends on what your employer of choice is looking for.

I originally used the cert material as a method of learning the basics of SQL Server. After I got into it, I realized that I needed some validation of what I had spent 2 years teaching myself, so I got the certification as my "proof of education."

I'm not sure if the MCSA cert I got also helped with the job hunt or not. It taught me a lot about server OS's and validated my previous unofficial server/pc admin experience. The info I learned while studying for it had definitely helped me resolve problems since I became a DBA. I think all DBAs should know about the platforms their systems are running on. Since most of my previous experience is in PC support, though, I'm a little biased on that fact. @=)