I hope this message finds you healthy and safe, and that the same can be said for your family and friends. COVID-19 has truly put us in an unprecedented pocket of uncertainty, and I wish you continued well-being, courage, and stamina in the difficult days ahead.
While maybe not completely top-of-mind, I wanted to give you a quick update on how this has impacted the global business of CAIA. No surprise, we are in full tactical mode here mitigating the business implications, as this crisis has come right in the middle of exam administration for the March cycle. Our Level I candidates finished testing last week, with vast majority of the Pearson VUE sites having remained open and exams administered largely as forecasted. Needless to say, we did have issues in some of the smaller markets that were particularly hard hit such as Italy, China, and parts of the Middle East.
The two-week Level II cycle is quite a different story as it began this week. The rapid progression of events has regrettably led Pearson Vue, our test administrator, to shut down a significant number of testing markets, most notably US and Canada as the week opened. Understandably, this has disenfranchised many aspiring Members who have put in enormous time and effort, only to find their exam seat cancelled at the last minute. While many have or will opt for deferrals to the September 2020 cycle, we continue to assure them that we understand their frustration and will support their ongoing pursuit of knowledge, even if we can never give them their prep time back. We expect refund requests to be modest, and well within the tolerance of the substantial reserves we have accumulated on our balance sheet precisely for these circumstances.
The September exam cycle opens on April 1, and it is assured that we will still be a good distance from ‘business as usual’ come that day. We will remain sensitive to the business and personal implications of that timing amid world events.
For the safety of our Members, our local communities, and just plain common sense, almost all of our in-person events have been either canceled or postponed for the foreseeable future. In the meantime, we have the bandwidth and capacity to bring a lot of relevant content to the world through webcasts. We will look to increase that in such a way that is sensitive to the challenges so many are facing around the world. Should you have any thoughts here regarding topics and/or would like to participate in any non-commercial way, please do reach out directly to me.
The intrinsic value of Membership and being part of a community are both defined and tested in periods of great uncertainty and COVID-19 is clearly one of those times. I have had the pleasure of meeting many of you over the last six years and your friendship and professionalism mean the world to me. I do offer hope for a better day tomorrow, and as an eternal optimist believe that this too shall pass.
Please stay healthy and safe, and I will look forward to seeing you in the brighter days ahead. Know that the entire CAIA global team remains at your disposal, even if remotely, and especially during these uncertain times. Stay well and I also send my best personal regards to you and your loved ones.