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PHR first your Masters if you feel you can really learn more and it’s applicable. Also, find a company to pay for it once you’ve got your PHR. I’ve got both PHR and my Masters. Worth it long run but not easy.
Try your PHR or Shrm cp. Way less money and game changers. Also from the recruiting end when seeking hr peeps, I always look for these certifications and experience and never really paid more for those with masters