Note that the nine classes of MM7 can be placed in a triangle. If we put Might on top, Self on the left and Elemental on the right, it looks like this:

Monk Thief
Paladin Ranger Archer
a b c d
Cleric e Druid f Sorcerer

For instance, the Archer is a cross between Knight and Sorcerer, while the Ranger is halfway Knight and Druid. The open places suggest that there is room for six more classes, all of which tend to be magically inclined. This is not a surprise since MM7 leans towards might, compared with MM6. Also, balanced party choices in MM7 are clearly more limited in the selection of primary magic users. So, I have tried to fill the open places with the following novel classes.

Class First promotion Light promotion Dark promotion
aYogiFakirYogi healerShapeshifter
bBardGreat BardLoremasterMindtwister
cConjurerSpellbinderRoyal spellbinderSoultaker
dSeerMediumProphetFalse prophet
eIllusionistMagisterMagister of the Sun Magister of the Moon
fWitchShamanShaman lordNecromancer

Magic Grandmaster Master Expert Normal
Yogi Body Fire*,Mind Air,Spirit,Light,Dark -
Bard Mind Water*,Earth*,Body Spirit -
Conjurer Fire,Earth,Spirit Fire,Air*,Earth,Spirit Water,Mind* -
Seer Air,Earth Water,Air,Earth,Spirit*  Fire,Body*,Light,Dark -
Illusionist Water,Mind,Body Mind,Body Fire,Air,Earth,Spirit,Light,Dark Light,Dark
Witch Fire,Air,Spirit Fire,Air Water,Earth,Mind,Body,Light,Dark Light,Dark

*) Expert only after first promotion, master after second promotion

Note the differences between the light (orange) and the dark (blue) path, and the different way water and spirit are treated to create a mixture between Self and Elemental, all choices coming natural to the chosen class. The heavy magic users Illusionist and Witch are able to learn some basic magic of the opposing path. They can become experts at all daily magics before their first promotion, and can already learn basic spells of the mirrored path after their first promotion. The other four classes are thought to learn their magic a little slower.

Weapon Grandmaster Master Expert Normal
Yogi - Staff*,Unarmed,Chain*,Dodging Spear,Bow,Leather -
Bard Staff Spear,Bow,Leather,Chain Mace,Leather,Chain,Shield -
Conjurer Bow Sword*,Bow Dagger,Unarmed,Leather,Plate Shield
Seer Dagger Sword,Bow* Sword,Bow*,Staff,Leather,Chain Unarmed,Dodging
Illusionist - Axe Staff,Chain*,Shield* Bow
Witch - Spear Staff,Dodging Dagger,Bow

The Conjurer, who can also master the Armsmaster skill, is a pretty good fighter, especially on the Light path where his GM Bow compensates having only one GM magic skill (Fire). Bard and Seer can also do some decent battle damage.

Miscellaneous Grandmaster Master Expert Normal
Yogi Repair,Stealing Meditation Perception*,Bodybuilding Merchant,Learning
Bard Merchant Perception,Learning Bodybuilding*,Repair*,Stealing Meditation,Alchemy
Conjurer IdMonster Repair*,Armsmaster Perception,Learning,BB*,IdItem Merchant
Seer Disarm,IdItem Perception Learning,IdMonster Stealing
Illusionist Perception,Meditation IdItem,IdMonster Learning Merchant,BB,Stealing
Witch Learning,Alchemy Merchant Disarm*,Perception,Meditation IdItem,Repair,IdMonster

The full triangle of classes offers a variety of party choices. For instance, a party consisting of Illusionist, Witch, Thief and Knight can do pretty well on the Light path, wheras a combination of Conjurer, Seer, Cleric and Knight makes an interesting Dark ensemble. The Yogi and the Bard can fit on the Self side in any party.