Hierophant | Pillars of Eternity 2 Wiki

 Conjurer

 Bonus: Gain +1 Power Level with Conjuration Spells.
Gain "Conjure Familiar" spell: Summons a helpful creature to aid the wizard. Familiars are poor at combat, but provide passive bonuses to their master.

 Penalty: Lose access to spells from Evocation and Illusion schools.
+20% Recovery Time for Wizard Spells not of the Conjuration School.

Enchanter

 Bonus: +1 Power Level with Enchanting Spells.
Gain "Free Action" passive: Once per encounter, when the wizard is affected by a Dexterity Affliction, they will clear that effect and become temporarily immune to Dexterity Afflictions.

 Penalty: Lose access to spells from Illusion and Transmutation schools.
+20% Recovery Time for Wizard Spells not of the Enchanting School.

  Transmuter

 Bonus: +1 Power Level with Transmutation Spells.
Gain "Form of the Fearsome Brute" spell: Transforms the wizard into an Ogre. While in this form, spells are disabled, but physical attributes are increased.

 Penalty: Lose access to spells from Enchanting and Evocation schools.
+20% Recovery Time for Wizard Spells not of the Transmutation School.

  Evoker

 Bonus: +1 Power Level with Evocation Spells.
Your evocation spells have a small chance to "echo", reapplying their damage and effects to their targets again, instantly.

 Penalty: Lose access to spells from Transmutation and Conjuration schools.
+20% Recovery Time for Wizard Spells not of the Evocation School.

  Illusionist

 Bonus: +1 Power Level with Illusion Spells.
Gain "Reflexive Mirror" passive: Once per encounter, when first attacked, automatically gain the effects of the spell "Mirrored Images".

 Penalty: Lose access to spells from Conjuration and Enchanting schools.
+20% Recovery Time for Wizard Spells not of the Illusion School.

Ascendant

 Bonus: Max focus is increased by 5. Reaching Max focus grants "Ascended" effect temporarily, increasing power level and reducing power focus cost to 0. Soul Whip does not turn off while Ascended and provides more bonus damage during Ascended.

 Penalty: While not Ascended, receive a penalty to Cipher's Power Level (-1). While not Ascended Soul Whip does much less damage, but generate more Focus. When Ascended fades, reduce focus to 0.

Beguiler

 Bonus: All Deception cipher spells have +20% range. +6 Focus on scoring Hits with Deception against Flanked, Body Affiliation, Mind Affiliation targets.

 Penalty: Soul Whip provides less bonus damage and reduced Focus against targets that are not vulnerable to Sneak Attack.

Soul Blade

 Bonus: Gains "Soul Annihilation" ability: a soul-enhanced melee strike that consumes the cipher's remaining power pool to converts it into Raw damage on the target. Shred Cipher spells cost less focus (-5). 
Downing an enemy with a Melee Weapon temporarily grants Concentration (Prevents Interrupts) and raises Max Focus by +10 for 30.0 seconds.

 Penalty: Max Focus is reduced by -5. (Combat starting amount as well begins at 2/25 vs 7/30 for Cipher)