So I finished PGY1 and practiced for one year before I took this exam - I am glad that I did it this way. First of all, most residencies are stressful even PGY2 (difficulty and time commitment depends on the area of program and hospital's practice model). Studying for this exam while being in the midst of rotations and completing never ending projects is ridiculous! Another year of residency or practice will give you more experience and more clinical knowledge so the test should be a little easier at that point. Keep in mind that most hospitals will not base their hiring decision on BCPS especially if you have PGY2 under your belt (it's a different story with just PGY1 - BCPS is highly desirable in order to differentiate yourself). Final point, the preparation, test, and maintaining the license is extremely expensive. Many respectable institutions will pay for your certification and sometimes preparation materials. So my advice is wait, get more experience, and hopefully have employer pay for some of the expenses. There is no rush - you will have to do PSAPs for the rest of your life after obtaining the four letters behind your name so you might as well just wait!