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Magic Missile
For every two caster levels beyond 1st, you gain an additional missile - two at 3rd level, three at 5th, four at 7th, and the maximum of five missiles at 9th level or higher.
Searing Light
A creature struck by this ray of light takes 1d8 points of damage per two caster levels (maximum 5d8).
Reading Searing Light is says "per two caster level".
I could be wrong but the way I read this you get 1d8 every even level.

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As a 3rd level Cleric, you would have 3 caster levels. Since you do not have 4 caster levels (2 sets of two caster levels) you only do 1d8 points of damage on a successful Searing Light hit.
As a 5th level Cleric, you would have 5 caster levels. Since you do not have 6 caster levels (3 sets of two caster levels) you only do 2d6 points of damage on a successful Searing Light hit.
etc.
I.E.: You get an extra 1d8 damage on your Searing Light at levels 4, 6, 8 and 10 (assuming you are still progressing in the one class that gave you the ability to cast the spell in the first place, or a PrC that gives full spellcasting progression).