WM, WM, WM, WM - The worst!
Pro: You can heal yourself while the enemy is beating the tar out of you.
Con: All you can do is heal yourself while the enemy is beating the tar out of you.
Strategy: You'll be taking the first part of the game slow while gaining levels. In fact, it'll be so slow that you may want to speed up the gameplay if you're using an emulator that can do that (NNNesterJ). Things will pick up when you get items that can cast spells in battle. See the White Mage Journal, the oldest thing on this site.

Fi, Fi, Fi, RM - The quick party.
Pro: Super high attack power combined with adequate magic.
Con: Very expensive.
Strategy: What? You don't need strategy, this party should tear the game apart. This is supposed to be the party that can win the fastest.

Fi, Fi, Fi, Fi - Kill-bots.
Pro: Crazy high attack power, nigh invulnerability. In the second half of the game money is no object.
Con: Expensive in the beginning, no white magic in the beginning, no black magic ever.
Strategy: Always keep a big supply of potions, then trounce anything that gets in your way. Spell-items are handy for this party.

Fi, dead, dead, dead - What? Just a fighter? You must be joking.
(Kill the other 3 off right away and never revive them.)
Pro: 4 times the experience means super high levels quickly. Never run out of money. High attack power.
Con: Cross paths with a sorcerer or cocktrice and you're history. Anything that can stun you will hand you your ass easily (and slowly).
Strategy: This party actually works surprisingly well. The Earth Cave & Ice Cave are nightmares but the rest is fairly easy. Always keep a big supply of potions, fight everything unless you're in a deep dungeon. The Heal Staff becomes less useful (and much more annoying), but the Mage Staff is a lifesaver.
Screens: 1, 2
Saves: the end

BM, dead, dead, dead - For masochists only.
Pro: You'll gain levels fast. You'll have several shots of your good spells available when you need them. (I had NUKEs ready to wipe out any ghosts I came across in the Sea Shrine.)
Con: Take everything that's bad about the single Fighter and multply it by 10, then add low HP, low defense, and low attack power.
Strategy: Good luck. Just like the white mages you may want to speed things up in the hard dungeons. (Run in, die, repeat.) Keep 99 HEAL potions on hand in all situations. Head to Finger Point to gain levels very frequently, you'll need to do this pretty often. I tried playing this party, but I never managed to beat it.

See also: Characters