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The five schools of magic I envision are Life, Death, Elemental, Enchantment and Conjuring.

If it summons something, it is Conjuring (serpents, wolves, elementals). If it deals Elemental damage in a one-off use, it's Elemental (fireball, firestorm, lightning bolt, ice ring, etc). There can be some cross-over; for instance, the spell that gives +50% Food or bonus population growth can be Life (rather than Enchantment) and a spell that summons undead can be Death (rather than Conjuring). Divine magic falls into the five schools, but are Divine spells in that you must have the favor of the god to use the spell. Enchantment is the spells that stay in effect, have an upkeep and must be dispelled (Frost Weapon, Life Weapon, Haste, etc).

Perhaps even have spells be up to two schools and show up in each progression, allowing some schools to more easily compliment each other. Thus, Frost Weapon is both Elemental and Enchantment; the +50% Food on a city is both Enchantment and Life. Summon Skeletons (is there a spell that does this?) is both Death and Conjuring.

Just some thoughts before I go to sleep, then to work, before I can play the full release.