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Coach
I'd say go for Associate.
The truth is that you're probably not ready to succeed at a VP role and more consulting experience won't necessarily add too much at this point.
Comp as a PE Ops associate should be higher than as EM (assuming you land a good fund).
There are very few associate seats available each year. There's no guarantee you'll get one. And this is even more true for VP seats. So if you want PE Ope, start now as this can take years.
Even if you were promoted that quickly, I would not hire you as a VP. If you prove your worth, sure. But I can go grab another EM with 5 years instead of 2. Which would you pick?
As someone who was BA for 2 and EM for 2, I’m glad I was hired as asc. Pace and quality of thinking are both higher here than in consulting - would have been a bit over my head entering as VP. And my comp is still higher here than as EM, so no real reason to have wanted different
Go for Asc, you’ll make VP in a few years