The 70-740 is a retired certification exam that tested an administrator's skills with installation, storage and compute solutions for Windows Server 2016. Before it was retired, 70-740 tested your ability to install Windows servers in host and compute environments, and then implement storage solutions, Hyper-V, Windows Containers and High Availability in those environments. Despite being retired, the technologies and skills the 70-740 tested for are still important parts of maintaining a Windows Server environment.
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Microsoft Windows Server 2016 Installation, Storage, and Compute (70-740) FAQs: Cost, Training, Value
Yes, the 70-740 is retired. Microsoft retired the 70-740 on January 31, 2021 along with many other certification exams like it. Not only was the 70-740 retired, but it has no replacement. Microsoft decided that their previous model of certifications wasn't keeping up with industry hiring trends, so they retired their certifications that focused on detailed knowledge of individual pieces of technology in favor of ones that focus more broadly on job roles and responsibilities.
No, the MCSA: Windows Server 2016 is retired. In early 2021, Microsoft retired certifications like MCSA, certifications that focused on a deep and thorough understanding of one single piece of technology. That included retiring all three exams that went with the MCSA: Windows Server 2016: 70-740, 70-741, and 70-742. Keep in mind that it's the MCSA certification that's no longer valid and not Windows Server 2016 -- there's still plenty of need for extremely knowledgeable administrators.
There is no replacement for the MCSA: Windows Server 2016 or any of its exams. 70-740, 70-741 and 70-742 were all retired without replacement in 2021 and the MCSA: Windows Server 2016 is no longer valid. The Microsoft 365 Certified series of certifications come the closest to replacing the MCSA: Windows Server 2016. Depending on what piece of technology or what job role you have, there is a 365 certification that can cover much of that job's responsibilities.
Yes, this 70-741 training is definitely still valuable. Administrators who install Windows Server 2016 instances or manage storage and compute functionality in a Windows Server 2016 environment will need this 70-741 training. The MCSA might not be valid any more, but that didn't change anything for the companies and networks that depend on Windows Server 2016 to do business. The deep familiarity with Windows 2016 this training provides will remain valid for a long time.