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I would expect either another year at the Associate level or a forced promotion where they put an off-market cap on your salary and you face an uphill battle in the future trying to get it adjusted to market rates.
Source: my friend got the early promote with the salary being far below other VPs and I got stalled till 6.5 yoe and received the market rate comp package.
Whichever way it shakes out for you - good luck
What's VP base bonus progression at MS if you don't mind me asking ?
I've got some A-to-A exit opps for you that I'd be happy to discuss with you. What are you covering now?