Negotiating Comp upon Promotion

Hi everyone,

I’m an analyst at an owner/operator <2 years out of my master’s and have an upcoming promotion to Associate (our shop doesn’t have Sr. Analyst titles) according to my boss. Was wondering if there’s any room to prepare for a comp negotiation.

The timeline might be EOY or start of next year (it’s been delayed a couple months apparently), but they say I’m performing really well on the team.

I’m currently paid in-line / slightly above market. To be in line with comp for the average of a Senior Analyst, would mean a >20% bump (according to HighView Partners), but I have a hunch they will lowball that. Plus, I think if I’m performing above average, I should be comped above the salary range average. I’m also unsure whether the Associate title/responsibility as opposed to Senior Analyst gives me any more room to negotiate.

I don’t intend to negotiate if they pay propose a salary near my expectations. Some other factors I'm considering are that
1. I know the job market isn't great
2. Next year's salaries should also be slightly higher
3. My shop isn't a REPE

Let me know what you would do in this situation.