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No I would not do that! Here is what I did. Level 1 December 2010....study good 6 months for it and made sure I really understand everything.
Took 1 Week break after the exam and started studying for Level 2 right away. HOPEFULLY I'll finish up Equity this week and do a full review of everything until now next week.

Just focus on 1 and then you'll have about 7 months for Level 2...you should be ok.

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