With some armies you have only to select which level of wizard you want. For example, in the case of an Orc army you can choose Orc or Goblin Shamans; in the case of Skaven you can choose Warlocks or Grey Seers. You do not have to do anything else before you are ready for battle. Each wizard's spells are determined before the battle begins as described later.
In the case of some wizards there are further choices to make when you select the army. For example, in the case of a Chaos Sorcerer you must decide which of the Chaos Gods the Sorcerer will have as his patron. In the case of human wizards you must decide which College he belongs to. These choices are listed below.
Men
All human wizards belong to one of the eight Colleges of Magic. Select wizards from whichever College or Colleges you prefer for your army. You might decide to have two wizards, one Celestial and one Bright for example, or you could choose two of the same College, it is up to you. On the whole it is best to have wizards of different Colleges as this gives you a broader range of spells to use.
Chaos Sorcerers
Chaos Sorcerers must choose which of the three Chaos Gods they will have as patron. You may choose Tzeentch, Nurgle, or Slaanesh. The fourth Chaos God Khorne has no Sorcerers. All Chaos Sorcerers use Dark Magic and spells of their patron Chaos God. It is therefore worthwhile having different Chaos Sorcerers to broaden your choice of spells.