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a masters right after bachelors is kind of similar to paper certs, sure you passed some tests, but there isn't much practical knowledge and experience to go with it.
All good points, but the only thing I don't agree with is "over-qualified". How is that a bad thing? Better then hiring some bozo that doesn't know what he or she is doing..
because if you are overqualified, it's somewhat likely you will leave as soon as a better offer shows up, and in fact will probably be out looking constantly to find a job that is better suited for your skills.