What do promotion quests do? Does it only increase base stats?

What do promotion quests do? Does it only increase base stats? - Illustration representing businessman with index finger up showing increase of incomes on graph on purple background

In might and magic 6, 7, and 8 you can do promotion quests, changing your necromancers in to liches for example.

While becoming an undead endboss is always great of course, I wonder what the changes are. Anybody know?






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