Is it required to choose password during initial setup, or can be done later?

I am about to power up a new desktop for the first time.  I understand Win 7 will ask me to set up a password and create a password reset disk.  Does that have to be done during that initial system setup in the first session in order to proceed?   Or can one choose a password at a later time and also make the reset disk later?  In other words, is choosing a password and reset disk optional or required the first time through those setup screens?