It's a point-buy system. You create spells like you create any other power. The same for monsters - you create it just like you create any other character.
It may sound unhelpful, but really, it's important to keep in mind if you want to play point-buy systems such as GURPS, BESM or M&M - there is only one system for everything. If you need a spell, just take a power, add some appropriate modifiers and cosmetic changes and say it's a spell. If you need a monster, create a character with all the powers of the monster you want and say it looks like a monster. Seems like the thing to do is set a maximum point limit, say 300 for a fairly standard fantasy monster. From there you spend points on attributes and abilities. At least that’s the method I use (by the way, I follow the tier limitations given in chapter 2). What I do for attack spells (like the two I’ve listed below) is to take the melee or ranged attack attribute and stack customized variables and restrictions.
I take custom weapon variables from the weapon attribute and the rest from the customization chapter. So a basic attack spell, like a fireball or magic missile would look something like this.
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AFAIK White Wolf has pretty much said nothing at all about BESM one way or the other since they published the 3e core rulebook. It's all very strange.I seem to remember an announcement that they planned on publishing the core rule book and nothing else even before the core rulebook even came out (much to the disapointment of BESM fans).
I'm not 100% sure if that is from the mouth of WW or internet rumor. Personally, I purchased it second hand from someone who just didn't get the rules and found the whole 3rd ed too daunting.only to find that I just didn't get the rules and found the whole 3rd ed. Too daunting.so I sold it to someone else, who took a look at it and told me 'I see what you mean'. I don't know how a system that was originally designed to be so simple and freewheeling can have enough crap added to it to make it a 300+ page monster and still retain it's original goals.