In my country, our software industry holds certifications higher that degrees. Certifications require to be updated and redone every so often. Even though a degree will teach you fundamentals, I do believe you will learn those in the job and with the certification but a certification really is that.... its to certify that you are adequate in a certain technology.
All of my job interviews have required me to show them my abilities with whatever tech they require.
Another point I would like to make is that I work with people with degrees and I have certifications. Their degrees are more than 10 - 20 years for some. How much has technology changed in that time? I have to keep redoing my certification every 2 years (microsoft for example). And to me 2 years is a long time in the software industry.