Marc from the Public Sector Developer team shares the following:

It's been a long time since I have looked at certifications.  The last tests I took were for my VB6 based MCSD and SQL 2000.  Recently, a customer asked me for advice about getting the MCPD certification.  Since it's been a while, I surfed around a bit and found the following links that might be helpful:

Microsoft Certified Professional Developer (MCPD)

Prepare for an Exam

I've been told by one of my teammates, specifically for the MCPD: Web Developer certification, that MCPD Self-Paced Training Kit (Exams 70-536, 70-528, 70-547): Microsoft .NET Framework Web Developer Core Requirements is pretty good.

-Marc

Talk to 10 different people, and you'll probably get 10 different opinions regarding the value of certifications for developers. Certainly it's true that having a certification won't magically make you a good developer.

That said, back in the day, I used certification as a way to get my foot in the door when I made the transition from my first career in technical theatre (set construction, lighting, etc.) into the development world. When viewed as a tool for demonstrating at least a basic knowledge of a given subject, certification can be very useful, IMO. The important part is not making more of certifications than is justified.

Public Sector Developer Weblog : Becoming a Microsoft Certified Professional Developer (MCPD)