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Which is best: An infosec certification or an IT security degree?

Ever since I started my security career, questions have arisen regarding the best certifications, or whether certifications are necessary for building a successful infosec career.  Only recently have there been increased opportunities to get graduate (and even undergraduate) degrees focused on information security. Hence, the question of what's best for a career -- an infosec certification or IT security degree -- becomes even more muddied.

I am happy to answer the question with the caveat that my thoughts are only opinions, and different circumstances may affect my opinion.

So, what should you do?  My answer is, if you want to be successful in the security field, you need a certification to establish your credibility first.  Pursuit of a degree is useful to expand knowledge.  Either way, if I were to hire you, my key considerations would include:

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