Ideally where one should be at this point in time or its still too early for me to start?
I started in January for levels I and II an passed the first easily and the second by a tighter margin than I would have liked. This year I started basically the day the books came out, and having already read all the material and made a lot of notes, I can tell you that this is the way to do it. You’re going to have to put in some number of hours, and unless you have some very seasonal personal time issue, you might as well spread them out so that you have a margin of safety for unexpected distractions. I know the risk from this is ‘burn-out’, but if you’re smart about your studying now, you can make the work so leisurely, and keep in touch with the material so easily, that I don’t believe it’s a real risk.
Everyone is different. I’m pretty sure I did not start CFA Level 3 until January or February of that year. However, if you’re the type who has been throwing down 500 hours on each exam, maybe it’s time to pick up the books.