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PHR, SHRM-CP are considered the same standard and both well respected. Certifications in DE&I/belonging are growing in popularity, and becoming bigger HR focuses. Would encourage you to seek training from current employer internally, find a mentor that is doing this role today to identify gaps you may not have in your experience today, see if they’d be willing to “show you the ropes”. Don’t need an MBA for either role you mentioned, but it is always helpful.
I would say the PHR might be more valuable
SHRM-CP