The Institute for Magical Arts is in a state of discord due to the mysterious disappearance of its principal magician and headmaster, Dr. Finneas. Two senior wizards are now contending to fill his shoes and bring a state of harmony back to the Institute. However, the wizards have contrasting ideas about the Institute's direction. To gain the title of headmaster, the wizards must gain the trust of their colleagues and gather as much magical powers through the tools of their trade as possible.

The Institute for Magical Arts is a two-player dice and area control game in which players use dice rolls to place "power stones" onto different cards in an attempt to win those cards. Once won, cards offer either special powers or victory points or both.