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Would I take a VFP Cert today if I didn't already have it? Maybe, just to get a quick MCP to put on the business card and brochure for the marketing reasons above. But the real target would be the MCSD for .NET, getting the MCAD for .NET along the way.
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The exam - one that is based on a version that is 2 versions old - is going to be retired in June. It is a waste of $ to take that exam. If people are serious about MS certification, they will go the MCSD route under the current track..