The art of using various natural ingredients to produce magical potions.
The basic uses of alchemy are medical (though not general-purpose healing potions; those exist but aren't exactly beginner's level stuff), minor enhancement (boost your magic resistance, endurance, reaction times and the like; these are more like magical drugs than no-strings-attached bonuses, though), mind-altering concoctions (lower your inhibitions without suffering loss of coordination from being drunk, things like that; general intelligence boost don't exist in MoL-verse), and creation of super-substances (powerful glues, oils, treated wood, enhanced metals, and so on). Golem animation cores generally require alchemical materials.
Transformation potions (including enhancement potions based on transformation) are doable at beginner level, but not commonly taught to students, as they are considered dangerous.
Beginners can also make magical poisons pretty easily, but that is likewise not taught.