I'm going to recommend that you take it a couple of weeks before you start your third year rotations. That way you will have some time to chill or whatever before you start working in the hospital all the time. I personally took it the last week in June and had OB/GYN starting like a week later. It pretty much sucked and it was real easy to get burned out real early. I guess if you have psych or some other bs rotation first, you can take it late, but if you have anything that requires effort then give yourself some time off before you start. And don't worry that you won't have enough time to study if you take it early. You pretty much need a month of hardcore studying. After that you're so sick of it and you're pretty much trying not to forget stuff that you knew instead of learning new things. That's my opinion, take it for what it's worth.