This is a good question. I was planning on taking one (eventually)—although there doesn't appear to be a lot of documentation/training about it.
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Having completed all the 11 Specializations, I can say that for the most part, you need to pick the relevant topic and thoroughly scan the product docs for the same and review all possible used cases that you have worked on, in that specific area. That's how I prepared.
Basically after I completed my MCE, Since I had extensively worked on Programs , events and Nurture, All I had to do was just brush up the respective topics from docs and I was able to crack them easily because I could relate to all the scenario based questions very well. Same was the case with creative assets, basic reporting and set up & configuration. Because I had extensively worked on creating and designing a lot of assets myself, and worked on Multiple work-spaces and managed Admin for several clients. So the Marketo Product docs and the community threads on those topics were really the only resources I had used to crack these Specializations.
The really challenging ones were Analytics Attribution, Account based Marketing, Social Marketing and Web Personalization. These required real deep dive into Product Docs, Referring 3rd party sources, All possible threads in the community (Not much were available) and referring to other forums. After all of this, working on actual client projects in these respective topics is what made the key difference, post which I was able to crack these too
I'd say since you have completed your MCE, and if you have had experience working in Marketo for about 2 years, with a little bit of more preparation from the Marketo product Docs - In the respective topics, You can easily go for the Programs and Campaigns, Nurture & Engagement, Events & Webinar, Analytics & Reporting (Basic OOB reporting) and Creative assets. The Motivating factor would be that these specializations do not have an expiration, and people who earn these now, will continue to be recognized , even after they are discontinued
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The Marketo Specialization examinations will retire on January 31, 2019. Current Specialization credential holders or those who were certified before the exam retires will continue to be recognized. Karan is absolutely correct about preparation materials. We also offer classes that cover the content of the specialization exams. The course catalog can be found here: https://www.marketo.com/education/course-catalog/
We do not have any further information to share currently about any future plans regarding additional certifications beyond MCA and MCE. We are always looking for the best ways to recognize and support our users!