With Microsoft Certification recently redesigned, the usual certification path for an SQL Server professional would be the following: 
  1. MCSA (Microsoft Certified Solutions Associate) SQL Server 2008
    It requires two exams: Exam 70-432 - Microsoft SQL Server 2008, Implementation and Maintenance + Exam 70-448 - Microsoft SQL Server 2008, Business Intelligence Development and Maintenance

  2. MCSA (Microsoft Certified Solutions Associate) SQL Server 2012
    It requires three exams: Exam 70-461 - Querying Microsoft SQL Server 2012 + Exam 70-462 - Administering Microsoft SQL Server 2012 Databases + Exam 70-463 - Implementing a Data Warehouse with Microsoft SQL Server 2012
    There is also an upgrade path for holders of MCTS - SQL Server 2008 certification: Exam 70-457 - Transition Your MCTS on SQL Server 2008 to MCSA: SQL Server 2012, Part 1 + Exam 70-458 - Transition Your MCTS on SQL Server 2008 to MCSA: SQL Server 2012, Part 2

  3. MCSE (Microsoft Certified Solutions Expert) - Data Platform - SQL Server 2012
    It requires MCSA (Microsoft Certified Solutions Associate) SQL Server 2012 and two additional exams:
    Exam 70-464 - Developing Microsoft SQL Server 2012 Databases
    + Exam 70-465 - Designing Database Solutions for Microsoft SQL Server 2012
    There is an upgrade path from MCITP - Database Administrator 2008 or MCITP - Database Developer 2008: Exam 70-457 - Transition Your MCTS on SQL Server 2008 to MCSA: SQL Server 2012, Part 1 + Exam 70-458 - Transition Your MCTS on SQL Server 2008 to MCSA: SQL Server 2012, Part 2 + Exam 70-459 - Transition Your MCITP: Database Administrator 2008 or MCITP: Database Developer 2008 to MCSE: Data Platform

  4. MCSE (Microsoft Certified Solutions Expert) - Business Intelligence - SQL Server 2012
    It requires MCSA (Microsoft Certified Solutions Associate) SQL Server 2012 and two additional exams:
    Exam 70-466 - Implementing Data Models and Reports with Microsoft SQL Server 2012
    + Exam 70-467 - Designing Business Intelligence Solutions with Microsoft SQL Server 2012
    There is an upgrade path from MCITP - Business Intelligence Developer 2008: Exam 70-457 - Transition Your MCTS on SQL Server 2008 to MCSA: SQL Server 2012, Part 1 + Exam 70-458 - Transition Your MCTS on SQL Server 2008 to MCSA: SQL Server 2012, Part 2 + Exam 70-460 - Transition Your MCITP: Business Intelligence Developer 2008 to MCSE: Business Intelligence

So, what happens after MCTS, MCITP, MCSA and MSCE? On the SQL Server 2008 track there is the advanced certification Microsoft Certified Master: Microsoft SQL Server 2008 requiring two exams:

To prepare for the MCM certification you can use free documentation resources provided by Microsoft or you can enroll in the SQL Server 2008 Microsoft Certified Master (MCM) Accelerated Exam Preparation Program (priced at US$2,900).

Once you've obtained your MCM you can go further by applying to the Microsoft Certified Architect Program for SQL Server 2008. The application fee is US$125 and if you are accepted into the program, the fee to take the MCA Board Exam is US$7,500.

Similar to the MCM certification - there is the SQL Server Analysis Services (SSAS) Maestro program, dedicated as the names says to the Analysis Services 2008 R2. The program's training is priced at €7000 + VAT.

Last but not least - for SQL Server 2012 - Microsoft re-branded the MCM certification as Microsoft Certified Solutions Master (MCSM). On the Microsoft Learning site there is a note "The first two MCSM certifications will be for SQL Server 2012 tracks."

Good luck!