In these rough times for technology professionals, lots of us are asking: do I need another degree to make it in this market? Is there a certificate program that will get me the skills—and the acronyms—to put my resume on the top of the pile, or improve my consulting business? Out-of-work and working IT professionals are flocking back to the classroom, if only to make good use of their time during these slow times. But how do you decide whether it makes sense for you to make this significant time, and financial, investment? Here are some ideas from an expert: Heidi Golledge, principal in the Southern California-based national recruiting firm CyberCoders (www.cybercoders.com) and Executive Director of CoastWIT, SilcWIT and SanDiegoWIT, three popular email discussion communities for professional women in California.

Heidi advises tech professionals that the next hot set of technical skills centers in the area of bioterrorism preparedness. “As such, Top Secret Clearances are very key to software positions within this arena. In terms of straight technical skills, companies are looking for the usual suspects, Oracle Financials, able to generate algorithms /code, C++, RADAR systems, model digital filters, DSP - Signal Processing, VxWorks, technical Documentation and .NET.” Also, she notes, “We have seen a substantial increase in the need for Microsoft Developers: .NET, Visual C++, and certified MCSE developers, and a substantial decrease in the need for Java and UNIX based applications.”

So if these are the areas where are the jobs are, and you’re missing one more of these qualifications, is now a good time to head back to the classroom? Or is it practical work experience that employers are looking for?

According to Heidi, “Practical work experience is always key for hardware and software engineers as long as they have their degree in CC or EE. For network and systems engineers, our clients regularly require Cisco, MCSE or similar networking certifications.” So if you’re lacking the software degree or the hardware certification, and have the time and dollars to go back to school, this might be the perfect time to get the sheepskin, both from the standpoint that your opportunity cost is not as high as it will be when the economy improves, and so that you’ll be ready with the right skills when the job market gets hotter.

If you’ve got the basic degree but want to enhance your qualifications, is a six-month certificate program the way to go? Here’s Heidi’s advice: “For software engineers and hardware engineers, the BS and MS is key. Some of my clients are requiring a minimum of a Masters from a top school for interviews; however, those are only for Director, VP and very senior level positions. For networking and systems engineers, typically they require the six-month certificate. I do not have one client that has requested a Masters for any new technologies, as they would prefer real world experience.”

But here we are back in the technologist’s Catch-22 situation: great technical credentials but no real-world experience putting them to use. How do you overcome the obstacle of little work experience, if you get into an interview? Here’s what Heidi advises: “It is important to bring up your weak points as well as your strong points, to show the employer you know what they are looking for, and you know how to overcome your shortcomings.

For example: ‘I have 10 years of experience in engineering, 3 years of experience leading a team of engineers, and 2 years experience as a Director of Software. Although I do not have direct .NET experience, I have 10 years developing programs using the Microsoft suite, including VB, ASP and Visual C++. I am confident that I will be able to direct a team of developers using .NET as all of the .NET framework is essentially upgraded versions of the software I am already using on a daily basis.’”

Is there a danger to having too many degrees and certifications? If your resume is balanced very heavily toward the academic and is light on the real-world side, there can be. Employers will not only wonder why you’ve bounced between the work world and the university, but will be reluctant to pay high salaries for over-credentialed and under-experienced hires, versus someone who’s done more years ‘in the trenches.’ So if you’re considering another degree or certificate program but worry about whether it will pay for itself or even hurt you, consult a technical recruiter and ask him or her to evaluate your resume and hire-ability with, and without, the additional certification you’re considering.

You’ll notice that very senior technology leaders rely more on their leadership and business skills over time, and less on specific expertise in any one technological area—because they’re in positions that call on management and strategic abilities more than their ability to write great code or design systems.

If you’re interested in a management track, you might confuse prospective employers by jumping back over to the technical side. You should do what you love, of course—but keep in mind that employers expect you to pick a track (management vs. technical) as you move along in your career, and generally stick with it. But if it’s a technical degree or certification you need, there may not be a better time to go after it than right now—to be in the perfect spot for your dream job at graduation time!

Liz Ryan is an at-work issues expert and leader of the 20,000+member email discussion group WorldWIT (www.worldwit.org) with chapters in 52 regions in nineteen countries.