I have decided to take the CFA level 1 exam. This could be a spur of the moment decision, but it would be very helpful to pass level 1 before I start apping for B-schools. I am targetting the June exam date. At this point I have little idea about the content, but it surely is not rocket science. I am expecting a 6 month prep time for the level 1 exam maybe more for someone with no-finance background.