The first event will be as follows. At the end of sixteen years the characters will be judged by how well appointed their laboratories are, not just in terms of raw bonuses and luxury but also in terms of how clever and interesting their improvements and enchantments in their laboratory are.
There are the following complications
Within the first five years every character must through spells enchantments or sheer cleverness acquire a source of additional income. Characters will be judged on the style and productivity of their endeavor.
Within the first ten years every member of the covenant is obligated to present the turb with an enchanted device to assist in the defense of the covenant in the case of an emergency (not necessarily only an attack). Characters will be judged on the style and utility of this gift.
Please submit your activities in blocks of years 1-5, years 6-10, and years 11-16.
I'll add information regarding the infestation next weekend. I'm afraid that I don't have time now.
At ten years after apprenticeship every laboratory in the covenant will become infested by a plague of small supernatural creatures with a might of 10 (it's just the nature of the aura, you can't do anything about it). More details of the infestation will be supplied later. Characters will find a way to protect their laboratories from this scourge. They will naturally be judged on their use of good taste in this undertaking as well.
So there you are, sixteen years. Four little things to worry about. You should still have lots of time left for study to prepare your character for the rest of the game.