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I hunt elk in Utah and I will tell you bullet choice and shot placement is priority one and two. I use a 28 nosler for bull elk and a 6.5 creed for cows. Most the hunters my buddy guides bring 30 cals, some even 338. Ultimately whatever you can shoot well will work. Good luck
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Having lived and hunted in Arizona, Colorado and Wyoming can attest to the great info posted here.
300 WSM will definitely do the job under proper conditions.
Learn your load, drops, drifts etc and practice them often and in inclimate/unfavorable conditions, decide which shots you will/won't take. Shoot cold, shoot wet, shoot tired- you could realistically be all of the above.
Think about your gear, don't skimp on boots. Look at when you'll be hunting and research weather patterns for that area, averages, extremes etc, be prepared.
Have a blast!! It's a cliche but enjoy the time, the wilderness and the hunt, you'll be better off in the long run that way whether you bag a monster or not.
Best of luck.
BTW where in IA are you?
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Since everyone is weighing in, I might as well too. On this supposed elk hunt, that appears to be with a guide, there really is no guide out there that is going to get you to a 500 yard shot and tell you to shoot. Guides have this thing about not wanting to ever wound an animal, and nobody really likes chasing a wounded animal for a day and a half after the shot. Guides will get you into a range that you could shoot with a 35 whelan and not have to worry about hold-over. They are going to get you in-range, or you won't be shooting. And guides like guns that put an elk on the ground quickly. Shooting out west is a dinner bell to bears.
Listen to Coach. Get in shape. If you can stick with your guide and not be out of breath doing it - then the guide is going to be comfortable taking you as far as the guide can go. That, and shoot from all kinds of different positions, at everything less than 300 yards. Spend time with your rifle, yes. But spend 500 times as much effort at physical conditioning. A 300 WSM is a great cartridge - if you want it, get it and get to know it well. But you probably already own a gun that will do just fine. Just don't short change getting in shape. Get in shape wearing the boots and socks/clothes you'll hunt in, better to do that stepping over trees, climbing the meanest hill you can find.
Call coach, he offered. You'll end up enjoying the hunt more.
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180gr Nosler Accubond worked nicely for my elk