SAP Certification via MCQ is an insult to the disclipine of Computer Science/Information Systems. None of my higher level CompSci classes were passed only by answering multiple choice questions. Higher level computer science classes(including systems analysis) require essay style questions to test knowledge in an objective fashion. The current MCQ certification exams only promotes rote memorization of feature lists and not whether you have the ability to solve a business problem via that solution.
SAP Certification in my opinion is not going to work because there are several SAP consultants who don't have exposure to software development practices. I mean most of them started working in SAP after attending training programs 10+ years ago. For example, a good number of BW developers would know how to create DSOs/ODSs, Cubes, mapping, transfer rules, loading etc. Most of them probably attended training programs in BW and learnt just these tasks. So yes, they would do very well if you or certification exam asks questions on tcodes, how to create objects, transfer rules etc. They may not have other soft skills(such as analzying data) needed to be successful.
Most of the people I know working in SAP security specialize, and the security certification requires taking over USD 5,000 in courses. That is a lot of money to spend for learning that is not all required for today's jobs in SAP security. My employer won't pay it, that's for sure.
I am a strong opponent of these kinds of certificates. I see NO reason in making ANY kind of certificiation. 25 years of experience just speak for themself. Professional and Master seems to be as useless as all the other ones. I feel a notion of SAP tries to control and sense another money source in the freelancer market here. I will talk my clients into ignoring certificates as long as I could.
The case study at SAP the week before the exam was the most useful aspect of the certification process (rather than the exam), as it involved completing practical project tasks that are typical of the work of a consultant. Certification seems to be considered as background knowledge when looking for a job - similar to having a degree. Experience is what actually counts when applying for jobs.