Really depends on the job, and the rest of the CV.
1) For ANY security relevant job, i'd require a 'state of the art' diploma - regarding security.
2) For any science relevant job, i'd require a semi pre - preferable with diploma - and some background on the science matter.
3) For any basic job, such as supporter (1st,2nd,3rd, or stuff like Lotus Notes admin) i'd hire any amateur over someone with a diploma.
4) For any manager kind position, i'd prefer either a MAS on IT, and practical experience - so he doesnt order things that are not possible, or management diploma with proven former IT background (not as manager!).
So in the sum, please be more specific with your question