From The Heroes of Might and Magic III wiki

Requiring expert Wisdom, the fifth level includes both game-breakers and a few less than stellar spells.

[edit] List of fifth level spells

• Dimension Door
• Fly
• Implosion
• Magic Mirror
• Sacrifice
• Summon Air Elemental
• Summon Earth Elemental
• Summon Fire Elemental
• Summon Water Elemental
• Titan's Lightning Bolt -- Note: Is only in the Shadow of Death expansion.