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It depends on your career path and job market demands.
This all depends on your long-term goals and career path. There is no one-size-fits-all so it is difficult to answer your question without providing more details as it is very generic as it is.
This is an "apples to oranges" comparison. A degree requires much more commitment time & money-wise but may provide a much wider array of benefits than a specific certification like the PMP.
If you are looking specifically at a project management-focused degree, I'd suggest that the PMP would likely be more helpful as the only time I've ever seen PM degrees referenced is in academic or research-oriented job postings.
I went back to graduate school for my MBA with a project management emphasis and then attained my PMP certification. I'm finding having both the MBA and PMP has helped me in numerous ways. The project management emphasis gave me the continuing education hours I needed to apply for the PMP exam and enhanced my knowledge of all areas of business. Additionally, when applying for positions, having both credentials opened doors for me to apply for more selective positions younger in my career.
I think the most important piece to to evaluate the cost compared to the benefits in your personal career track. An advanced degree can have a significant financial impact and requires a large time commitment.
It really depends on what you plan to do with your career. I know people who have lucrative careers with just a high school diploma, and those with PhDs who are content with a low paying job that allows them to pursue their passion.
I personally have an advanced degree, a MLIS, and I'm looking at obtaining my MBA within the next few years. I also have the PMP certification, and will be adding CMPICM next year, and also some Six Sigma at some point. Most of this education will be provided/subsidised by my company, which might not have been possible if I did not already have the MLIS to allow me the opportunity for my current job in the first place.
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