That's pretty much exactly what I'm saying - having worked in the industry for the past ten years, I've yet to see more than a couple of folk go up the ladder with a computer science degree. I have seen multiple comp sci grads waltz into a business full of confidence, only to leave very quickly a few weeks later.
Someone with a comp sci degree doesn't know their elbow from their arse in computing terms, let alone how to design/ administrate a network.
I'd also hazard a guess that in networking terms, the guy with the cisco qualification would win EVERY SINGLE TIME against the guy with a degree in networking. One is hands on practical experience that requires someone to know how to configure cisco kit to a good degree, the other is four years of theory where the most experience with networking gear was in a classroom where a prof stated that a large part of the net runs on cisco kit.
(I also question the qualifications of any 'IT professional' who can't spell cisco).
I think mcse + no experience is probably on a par with a degree to be fair...
however anyone with mcse is likley to have some experience...