The key issue in today's market is: What skills do you have and are you able to immediately contribute once you're hired. As such, what counts are the following:
1. What you know
2. What you have previously accomplished that's applicable to this employer
3. How you are perceived in terms of your ability to function positively as a member of a team.
Any training/certifications are useful, because they add to your knowledge; at the same time, if you are seeking a position as an SW development professional, and you've just been certified as a financial planner, it's clearly not going to be a factor.
This was first published in May 2001