The practitioner of alchemy relies on the inherent, god-given qualities of diverse substances, mixing and refining them into wondrous elixirs, using precise and expensive equipment.
While not entirely safe, alchemy is far more predictable than sorcery. Also, the power lies less in the alchemist and more in his tools and raw materials. Alchemy is more easily understandable to outsiders, and can be learned by all, unlike the inheritable sorcery. Alchemists are tolerated, and even liked in urban areas, as long as they are not suspected of being sorcerers under cover.
In addition to preparing potions and medicines (including some to slow aging), alchemists may know how to produce distilled liquor, preserving oils, acids, fine and potent dyes, flaming oil, greek fire, draconite, paints and glues.
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Chemurgy (mental/hard, defaults to Alchemy -5, Armoury -8, Blacksmith -8 or Jeweler -8)
Chemurgy applies alchemical knowledge to the crafts, enhancing materials and allowing the crafting of superior or even extraordinary items.
Chemurgy can extract sheersteel from iron and orichalcum from copper, but cannot draw dulcium from gold.