STEP 1 Let's begin creating our letter, here we're using the letter "a".
We've choosen the Helvetica font, but you may use any you wish. Color
it in #000. Now let's work it in curves, for this, right click on it
and go to 'Convert to paths'. It will convert it and leave the layer
grouped, ungroup it so we can work the points further ahead.
STEP 2 Now duplicate this layer, and apply, for the one on the top, Gradient Bars colored as shown.
STEP 3 The layer left beneath it will be our black border. For that, the
one on the top needs to be a little bit smaller. Select command Modify
> Alter Path > Inset Path. Select Inside e width 5. After that,
do as the following image shows, select the points and keep modifying
to make it well align and with a good spacing. In the bottom of it, is
good to leave it really close to the border to give us the right effect.
STEP 4 Now let's apply bevels and shadows in this layer. It's going to be
2 Bevels and 1 Inner Shadow. Insert the values as shown in each one of
the filters.
STEP 5 A big part of the structure is ready, now let's begin creating the
effects. Let's make the top section reflection. For that, simply
duplicate the layer that contains the blue "a" and erase the selected
points in the figure. After that, adjust the curve and apply a Linear
Gradient with both sides #FFF and 0% alpha in one of the sides.
STEP 6 Now let's make the light effect that comes fro the bottom. It will
be done using 3 ellipses. Apply the colors as shown and notice that
we're using a Feather and a filter. Then group the 3 elements.
STEP 7 Let's apply a mask in this group. Select the blue "a" and copy it
(CTRL+C), then go to Modify > Mask > Paste as Mask. Duplicate
this layer and apply the overlay filter on both layers with a 60% alpha
on the top one.
STEP 8 Now we need to create the yellow arches. Let's use ellipses to
make it. Create 2 ellipses as shown. To make it in the correct shape
and size, use the "Q" tool in Distort option to make it easy. After
creating these 2 ellipses go to Modify > Combine Paths > Punch.
The final arch will be #F8A30A. Make some adjustments in the bottom tip
to make it look like it goes behind the letter.
STEP 9 In this shape, we apply a Inner Glow with values 2 50% 6 0. After
that, let's create a new form with the pen tool. Leave it underneath
the arch with the linear gradient with both colors #F8A30A and a side
with 0% alpha as shown.
STEP 10 Let's create the arch's shadow. Duplicate the yellow arch, make it
smaller and make it #000000. Apply a Radial Gradient and make the
colors really soft using the alpha values. Now we're gonna apply a mask
in this shadow. Copy the blue "a" (CTRL+C) and repeat the last process,
select the shadow and go to Modify > Mask > Paste as Mask.
FINAL RESULT Your effect must have come to look like this! We can also make some additions and play with the colors.