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I passed level I a few years ago and kind of forgot about the program after that. I'm not really doing anything right now, just killing time before attending a t14 in the fall (not sure which one yet), so i could give level II a try. I know employers like anything on a resume to do with finance, but is taking level II, assuming I can even pass it, worth it? I haven't looked at the material recently so I'd guess it would require 300+hours of studying. Even if I did pass level II, when would I have the time to study for and take level III while in school? I probably wouldn't be able to do it before OCI. Also, I don't have the work experience to get chartered anyway. What do you think?

Not worth it. I was in the same boat (passed I and had started studying for II) and am thrilled I didn't ruin my summer by slogging through that crap. Passing Level I is nice and shows you have some finance knowledge; passing Level II adds nothing to that for OCI purposes.

Do something fun instead like a backpacking trip.