When you can learn and pass an exam parrot fashion it's worthless.
When a "qualification" is used to garner marketing money and gold partner status, as opposed to furthering your employee's knowledge it's worthless.
When a "qualification" can be canceled by new exam availability it's worthless.
Work wants us qualified for marketing reasons. I have no problem with that, as long as I don't have to do it in my own time. The exams don't offer me any benefits, so if it's important to the company to get me qualified, send me on a boot camp for a week.
This is not the most popular opinion, but I had a lot of fun arguing it when interviewing at Avanade (ah, the joy you can have in an interview when you've already decided there's no way to want to work somewhere)