The following information contain spoilers.
Alchemy is an ancient science and branch of magic concerned with the study of the composition, structure and magical properties of the four classical elements, as well as the transmutation of substances. As such it is closely linked with both potion-brewing and chemistry as well as transformation magic. Alchemy is a part of magical education in the United States but was also believed by Folk to be a natural science that could explain the world around them centuries ago. In the Folk world, alchemy was eventually replaced with chemistry entirely as the understanding of the universe and science evolved, however as magic does indeed exist but is merely kept a secret by the Wizardry practioniers, alchemy is still a valid subject for the Wizardry to study.
Alchemy was taught in the secret magic department at Marcellin High School for Boys by Professor Coppernicus until the department was shut down following multiple breaches of the Salem Concord by the Secret Society of Seven Sorcerers and the Cadre and the looming threat of amother Salem Witch War.