Actually, it is not renewed .. it is re-awarded.

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>You must mean MCP Certification. MVP is not a cert but an award, that is renewed every year depending on merit.
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>As for MCP Certification (or the more advanced brethren MCSD, MCDBA, etc.) they may or may not add value to your professional life. That is a personall call.
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>I have passed both VFP exams early in their cycle. Why? Because I wanted to prove to myself I could. I did not see much value for me in a full cert so I did not go full time for MSCD. Did passing exams do anything for my resume, income level, or other? No. Only my ego. YMMV.