In a world with an emerging science, you just KNOW there are going to be a bunch of people who mix things together just to see if they go "bang!" The alchemist should be able to make potions and powders of both a magical and a chemical nature. They also have limited healing powers.
The alchemy of this world is a fairly broad discipline, encompassing biology, anatomy, and a rudimentary chemistry. The alchemists have succeeded in turning gold into lead, and hope one day to be able to reverse the process.