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Certification or Degree?

I have always wondered what is really best when it comes to Certification or Degree within the Information Security space.  I have heard different opinions either way but I would like to hear from all of  you what you think. I personally have 2 certifications the CISSP and CISM, but I can say that I don't think either had a direct impact on my last promotion.  I can't be certain but I know my manager did not tell me that was the only reason for my promotion, I hope it was at least part of it. I am currently on the fence about going for another certification (the CPP, Certified Protection Professional) or going for a Masters in Information Assurance. So I ask all of you to share your opinions about whether to do certifications or a Masters degree.  Or if both, what would you suggest as the game plan? If you have any success stories on how a certification or Masters helped you get promoted, a new job or more respect from senior management, please share that as well. Thanks,Mike Swift