Yup, you heard it right. He was aiming for level 500.
Wil is now at level 482, 82 levels higher than the maximum cap.
His stats are restricted as per the rule, but it doesn't stop him from level up as much as he can.
Moreover, he observed that while he gets a new skill every 50 levels even after he crossed the level cap, his Arcana spirit also gives him additional skills.
When his Arcana spirit, Abyssal Maw, stays in a summoned state during the time he kills a monster, it takes half of the total EXP first and turn it into Soul energy Points, which is what that feeds the monster to stay summoned and help its master.
And when the soul energy points crossed 10, he received a new skill and became a 1-star Arcana Master.
When it crossed 100, he received another soul skill and became a 2-star Arcana Master.
When it crossed 1000, he received third soul skill and became a 3-star Arcana Master.