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Personally I’m taking the PHR first to get general HR knowledge and will pivot to the SHRM once I have more experience/skills for leadership positions
It was explained to me this way: PHR certification has been around longer so it's more recognized. Some may say it's superior to SHRM-CP, but also consider that HRCI, the organization that tests for PHR, has only been the testing side of the HR profession. SHRM, has long been the body of knowledge for the industry and eventually also got into the testing side of the industry. Both are trusted certifications. Many professionals get both. It comes down to personal preference.
I took the SHRM-CP instead because there was an opportunity to get certified through their foundation offering a grant, which aligns with my values to provide equitable access to professional development. I didn't have that option with HRCI.