Here's some advice if you are starting out. It's good to have at least 2 (out of 5) characters who can wear heavy armour to keep enemies away from wizards at the back. Fighters, Paladins and Clerics are good tanks. Your wizard should not be using
MM at level 1. He should be using Sleep. If he doesn't need to cast Sleep, he should be using a ranged weapon like a crossbow.
I've completed the game several times. The first time was with a party with a fighter, cleric, druid, wizard and sorcerer. When I got to higher levels, I can end an encounter early with 2 fireballs and 2 flame strikes on the first round of combat.
The latest party I used was 3 fighters (glave, sword/board and bow), a cleric and wizard. The cleric and wizard's primary roles were creating magical items. The fighters (and even the cleric and wizard) used those items to deal massive amounts of damage.