MCSE – On the job knowledge

Hi.

I am currently pursuing my MCSE 2003 and I am about 1/2 way there. I am wondering what I am expected to know when I actually get a job utilizing this certification along with my college degree. Are you hired because of your all around basic knowledge?. I have had friends that had almost no computer experience, have gotten their MCSE’s and got a job with it. I really think its sort of impossible to know everything about everything (troubleshooting, error messages). I am just wondering, to all you MCSE’s out there, what was basically expected of you when you were hired. Any and all answers are greatly appreciated…!