Hey SOCALMBA2013 - In your case, based on the school targets, Rd 2 could be just fine. Round 1 is often an advantage so we certainly wouldn't discourage you from applying then, but it's much more important to be focusing on that GMAT right now. Don't spread yourself too thin by trying to do essays at the same time. The main disadvantage with delaying everything is that you won't know if your apps are screwed up until it's too late... If you try for 1 or 2 schools in Round 1 and you don't get invited to interview, then obviously something is wrong with the pitch. Submitting at least one app in the earliest round gives you a chance to correct course if you've made some blunders.
That being said, the schools always say that a stronger app in a later round is the better way to go, so if you must delay, it could work out. You only get the one chance if you do though! A Round 3 application has a lower chance of success at any school (this is slightly less true for part-time programs but it's still an issue you'd be facing).
In terms of the promotion... this one is impossible to say for sure without knowing the entirety of your profile and how you'd be pitching, but in this specific case, we can actually see some benefit to applying NOW, ***before*** the promotion. That way, you could talk about how the P/T program will be useful to you in your
new position - the whole thing being future-focused. You could still do it that way if the promotion already happened but it seems like you could have more impact (be more convincing, have more to talk about) if the promotion was pending.
We're getting into application strategy here though which is misguided; we don't know your story or what you'll be saying in the essays so it's out of turn to be doing so. But we wanted to mention that possibility.
In general, just apply when you're ready - our big concern with telling people that "Round 2 would be fine for you" is that sometimes people completely take a vacation from all their application project stuff when they hear that, and then go into panic-scramble-mode a few weeks ahead of deadline. Not saying you'd do that, but it happens a lot!
It's much better to be working continuously on these different deliverables over a longer period of time - the quality tends to be higher overall.
Hope somewhere in there, we answered your question!! Let us know if not!
EssaySnark