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When certification first came on the scene, many technical workers saw it as an opportunity to make up for their lack of formal education. And while certification can help at entry-level technician positions that deal purely with bits and bytes, it's not a replacement for a bachelor's degree when you start looking at systems administration and other management positions. Therefore, unless you plan on being a PC technician the rest of your life, stay in school. You'll be hard-pressed to find a manager who considers certification a replacement for education. (See "Get Thee to a University" for a guide to IT graduate programs.)

As workers move on to the positions that most certifications target, such as network administrator or DBA, skills like project management, budget management and RFP development come into play. And while certifications prove your technical ability to handle particular jobs, a formal education demonstrates the ability to learn diverse topics and teamwork skills necessary to be successful in higher-level technical positions.

Education is also a key factor when looking at promotions into management-level positions. Cushing Anderson, an analyst with Learning Services Research at IDC, says a good rule of thumb is to "try to match the academic profile of the boss two levels above you if you want to move into the position he or she has. Even though it may not lead to a promotion immediately, all education helps, and it may lead to one down the road."