CFA Level II and III are only given in June; Level I is in both June and December. I will gauge the amount of time I have after the 1st semester, but I'm 90% sure I won't take the next level until after I'm out of the program.
The amount of time you need for studying is a function of what you know already; if you have a good working financial knowledge, studying should not be very difficult. If you don't, then I imagine you won't have the time to take it yet.
Also, you probably won't have a chance sit for level II next June just based on the time it takes to get the results plus the studying time you need, so you can easily sit it out until next June. My 2 cents.
