I have been a Project Manager for 2 years. The private university I work for offers a certificate and masters degree in Project Management. Because of my employment status, I can take classes for free (I just pay taxes on the tuition). Taxes amount to appx. $400 per class. A certificate would therefore cost me $1,600 in taxes. A degree would be triple that.

I'm trying to decide if it's more worth it for me to 1) get a certificate in Project Management through my uni; 2) get a graduate degree in Project Management (I'm already pursuing a separate graduate degree in public health); or 3) don't take classes offered through my uni and just get the PMP when I am eligible next year. Which of the above options gives me the biggest bang for my buck?

In your jobs, is a MS in PM valued more highly than just a PMP?

Long term, I'd like to work in the government sector if that helps any.