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It's based off a... complicated series of urban fantasy novels. Basically the premise is "Harry Potter, but everybody has realistic problems and solutions despite being magicians"
so a lot of the wizards sleep around terribly often, or do tons of alcohol and drugs for no reason other than being entitled kids
it gets way funny later
the MC in the books, basically suffers from major depression, and his thing as you saw in ep1, is this magical (CS Lewis') Narnia stand-in called "Fillory" and he finds out all the things he wants most are real, but he's still this mentally unstable dork
also the blonde in the glasses and sweaters is amazingly hot
if you ignore the darker themes, it's basically "National Lampoons' 'Harry Potter'" though and it's totally watchable just for the lols