Level: 5. Damage: 19. Delay: 504  
Sounds great huh? But unfortunately, unless you skilled great axe up with another job, then your going to have 0 skill, so when you first get it you'll be missing a great deal and not doing much damage. Just stick with it, fight EP enemies that con high defense. Eventually your skill will get itself up to par, so you should be doing good damage. At level 7 you can get leather armor, which will make soloing quite a bit easier. Finally, at level 8 comes another great axe.