Take a look at the 70-300 requirements page and read in horror and see that they aren't talking about variable names... but processes and standards.
Ugh, sounds more soul-draining than GCSE ICT coursework.
I wonder how many Microsoft employees had Microsoft's own certification/qualifications before they got hired.
Well in customer facing technical roles such as pre-sales, support and consulting, certification is something that recruiters definitely look for. It's not necessarily about the certification detail itself, it is more of a marker that you have a certain skills baseline AND are prepared to take the initiative to formally prove it.
If you're hired in one of those roles in Microsoft and you're not certified to MCSE/MCSD/MCDBA level (accreditation type dependant on role obviously) then you have 12 months to do so.