What are the best qualifications, degrees, certifications or skills, etc. in the business field that one should obtain so as to be competitive when the job market rebounds?

This question is primarily aimed at those in positions with hiring authority, or those who plan on having hiring authority within several years, although I’m also interested in hearing the perspective of prospective employees. I’ve posted in the past about the prospects of having a law degree in the new economy, as well as obtaining paralegal certification, etc. but have since started shifting my career focus towards business as an alternative to law. I’m trying to determine which degrees, certifications, qualifications, courses, etc. would be useful to have so as to be in the best possible position when the job market rebounds.

This is in many ways an impossible question, because no one can predict how, exactly, the job market in the business sector will transform, as well as the fact that the business sector encompasses so many different fields. I’ve considered getting an MBA but the tuition and opportunity cost seems to me prohibitively high in relation to its uncertain value. I’m interested in sales, marketing, human resources, management, biz. development, fundraising; I realize this is a broad list, so perhaps an MBA would be the way to go.

But maybe the answer would be as simple as learning web-based database software or web design; perhaps it’s taking an accounting course, or obtaining a certificate in human resources or marketing management. Thoughts?