Academic degrees provide you with important aspects of Science and especially with postgraduate studies one gets to get involved in Research.
In my opinion, Certifications are good because they practically "indicate" that one possesses specific knowledge (not expertise though).
Both are strong assets; however, a Degree has no expiration date, is not bound to vendor non-sense and does not care whether you use Juniper, Checkpoint or Cisco, DES or 3DES, object oriented or function oriented programming etc... it gets much much deeper than that. (think about eliptic curves...)
Think about the most famous people we know on Security. Most have studied Cryptography, Physics or Computer Science.
A Degree indicates that someone has the discipline, patience and will to learn and evolve both as a professional as well as a human being.
P.S.1. there are no Pass4Sure, TestKing or ActualTests on Academic Degrees.
