Your cv is the sum total of your work experience, skills set and education including certifications, Employers look at the whole picture including the impression they have of the candidates after having interviewing them.
The qualifications you speak of are not decisive in themselves and in fact, none of the components of the cv are decisive. It's the totality of cv and feedback from interviews.
If you have a university degree, the university is usually a check-off item - the employer checks off that you have the degree and moves on. Of course,if you just graduated from MIT with an MS in Comp Sci and you interned at Google and you can program in Python, don't be surprised if some corporate recruiter black van snatches you right off the sidewalk :)
A management degree matters to the extent that the prospective employer perceives as relevant to the position. Perception and reality are two different animals and the reality can be disappointing. The reality may be that the degree in management is relevant to the position because the position involves interacting effectively with all parts of the firm including Accounting and HR. However, the prospective employer is not connecting the dots and thus fails to perceive the management degree as relevant.
Certifications matter weigh in the balance to the extent that they are relevant to the skills set for the position and to the extent that they are not perceived as paper certifications. If you lack experience in a certain area, having certifications in that area helps you make the argument that you not a n00b in that area.
Again, it's the totality of the components of your cv plus the impression you make at your interviews that matters. Employers make a mental picture of that totality and make a determination as what candidates have the better picture.
In my judgement from having spent 25 years in engineering and high tech, a strong performance at the interviews can make up for a lot of things and in fact, a weak performance at the interviews can break you despite the fact that you have a strong resume. Employers do not necessarily hire the best candidate but the candidate that meets their requirements and whom they like best.
So it's quite possible that given you have three years of experience, someone else has three years plus certifications and management degree and a third candidate may have six years of experience, the person who gets the nod is you. And you got the need because you met the position requirements just as the other two did, but our performance at the interviews was the strongest and the prospective employer liked you best.
In summary, it's a mistake to think that x years of experience, a skills set include y components, a management degree or certifications in A, B or C are the silver bullet that will get you hired.