Microsoft’s MCSD (Microsoft Certified Solution Developer) is a high-level certification for “advanced developers who design and develop leading-edge enterprise solutions, using Microsoft development tools and technologies as well as the Microsoft .NET Framework.†The MCSD builds on the more entry-level MCAD (Microsoft Certified Application Developer) certification by encompassing not only development, testing, deployment and maintenance, but also analysis and design.
The MCSD for Microsoft .NET got its start back in the summer of 2002. Prior to that, the MCSD was based on Visual Studio 6 technologies and was sometimes referred to as the MCSD on Windows 2000. The .NET MCSD certification does not retire but newer versions of it may be released as technology changes. There are no specific prerequisites for the MCSD, although Microsoft recommends that you have “two years of experience developing and maintaining solutions and applications.†As soon as candidates pass their first qualifying exam for the MCSD program, they achieve a Microsoft Certified Professional (MCP) certification. Moreover, a candidate that is working towards the MCSD will achieve the MCAD certification along the way. To achieve the MCSD, a candidate must pass a total of five exams: four core and one elective.
Job roles of those pursuing this certification generally include: software engineer, software development engineer, software architect, and consultant.
For more information:
http://www.microsoft.com/traincert/mcp/mcsd/default.asp
CORE EXAMS
(70-300) Microsoft .NET Solution Architectures
(70-305) VB .NET Web Apps 
(70-306) VB .NET Windows Apps 
(70-310) VB .NET XML Web Services
(70-315) C# .NET Web Apps 
(70-316) C# .NET Windows Apps 
(70-320) C# .NET XML Web Services
ELECTIVES
(70-229) SQL 2000 Design 

(70-230) BizTalk Server 2000 
(70-234) Commerce Server 2000