Not quite. Still need 500 ability kills and 10 rare materials (REALLY rare). Then it's the Armsday wait, then it's the final part, Sealing The Blade. You have to get the first two parts complete, like, TODAY. Godspeed, the rare materials is a bitch...
EDIT: actually there's one more step even before all that. You'll really have to hustle, dude. Here's a breakdown: https://www.reddit.com/r/DestinyTheGame/comments/3l7lcy/how_to_get_your_exotic_sword/
Honestly that part doesn't even look that bad. Honestly I'm probably punch myself to death before I can kill 25 players in crucible with sword which is the hardest goddamn thing in the game when heavy ammo spawns ONCE per round.
Like honestly it makes me want to uninstall cause it just shows just how fucking terrible Destiny PvP is. Baffling how much the PvP has gotten worse since the game came out.