I would say that the certifications, experience and background you need to look for depend on your architecture and the job openings. If you are hiring a network engineer and you run Cisco equipment, you don't want to hire someoneone to manage that gear that has an MCSE - it won't apply - get at least a CCNA. Microsoft's certs that cover networking are flawed from the Cisco or Nortel standpoint - they only apply to Windows based systems. Look at how long they have been working in IT. The biggest problem I see with degrees is that hiring managers will bring graduates of their alma matter on board before they bring someone with experience. Also, if you are hiring for entry level, go for the good candidate that just graduated and/or just got their cert - you can mold them.