A High Elven wizard looks pretty good at first level, in addition to the staple elven traits, you've a higher intelligence, you're proficient with two types of swords, two types of bows and you've an extra cantrip. That's a total of 4 cantrips to choose from, two first level spell slots to work with, the ability to use arcane recovery for a first level spell slot recovery, access to rituals immediately; and some martial weapons. Not bad at all. Considering you only need 300 xp for second level, that's well balanced to keep the game entertaining and complement the other characters in the group.