MjTh
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Each school of magic has its own strengths. Here's my advice: Pay attention to who you're playing as and who you're playing against. For example, in a campaign playing as the Elves, Faideanu will greatly benefit from Light Magic, especially against undead, or take 2 magic schools, but level up more skills like (Storm Wind, etc.) to deal with 2 magic schools. Each magic school has its own advantages and disadvantages, as Chaos Magic can significantly outperform Summoning (especially for Necropolis).