It works differently where I am, but I tend to see little in the way of a correlation between level of training and competence as a therapist. The one therapist I saw (once) who was PHD was bloody scary and too cock sure of herself.
My T is educated to masters level and has a standard counselling qualification for this country (not sure how it compares to US) but he has 40 years experience too, and constantly updates his learning (as is a requirement of the professional body over here). For me the experience and commitment to ongoing personal development have been the essential criteria.