Want to turn ordinary metals into cold hard gold? Do you desire a simple powder that will strike fear into your foes and elevate you to a god in the minds of your enemies?! Join the likes of Roger Bacon and Paracelsus in your pursuit of alchemy. Need more reasons? Ok, fine.
Benefits you receive when you build an Alchemist's Lab:
Governor finishes building Alchemist's Lab
--30% chance +1 to Intelligent
--25% chance to get an apothecary in your general's retinue (+1 Fertility, Hitpoints +4)
General in a settlement who hasn't moved at all by the end of his turn -
--Military Path: 5% chance each to acquire or gain 1 level in the traits Intelligent, RhetoricSkill, PoliticsSkill, MathematicsSkill, and LogisticalSkill
--Generals (civilian path) have a higher chance to gain a level in those skills!
--3% chance to get an alchemist in your general's retinue (Hitpoints +2, GunPowderCommand +1)
--3% chance to get a brilliant inventor in your general's retinue (+30 build points, +1 farming output, 20% bonus to mining income)
--10% chance to get a brilliant scribe in your general's retinue if settlement has at least a town hall(+1 Authority, 10% bonus on tax income)
When a character comes of age
--2% chance +1 to Intelligent
When you train a Merchant (in settlement w/ alchemy lab or greater)
--15% chance to get a Counterfeiter in your general's retinue (+1 Finance)
When general hasn't moved at all by the end of his turn & settlement has a fairground & character is Superstitious (the traits Silly Beliefs, Superstitious, & Slave to Superstition)
--15% chance to get a magician in your general's retinue (+1 Local Popularity, +1 Morale)
When a general comes of age & father has alchemist in Retinue
--10% chance to get Fine Armor in your general's retinue (Hitpoints +4)
When a Student has chosen Civilian Education after 3rd turn as a Student
--5% chance each to acquire or gain 1 level in the traits GoodAdministrator, InspiringSpeaker, MathematicsSkill, Intelligent, GoodGunpowderCommander
Additional bonuses for having an Alchemy School in your faction:
These stack with the ones from the Alchemist's Lab
Governor finishes building Alchemy School
--30% chance +1 to Intelligent
When a character comes of age & your faction has 1 Alchemy School or more anywhere-
--3% chance +1 to Intelligent
When you train a Merchant & the settlement has an Alchemy School
--50% chance to get a Merchant Clerk in your general's Retinue (+1 Finance)
When general hasn't moved at all by the end of his turn & Command > 3
--3% chance to get a doctor in your general's retinue (Fertility +1, Battle Surgery +10)
Additional bonuses when a settlement has a Master Alchemist's Guild
--20% chance your assassin will get a poisoner in his retinue when recruited (+2 Subterfuge)
To sum things up, you really should have an alchemy lab or school in the settlement where you're sending your students to study. Planting a general there when there's a lull in the fighting is also a good idea. This way they both will have many chances to get some of these traits and retinue as they're sitting on their butts doing nothing. The bonuses for merchants allow them to immediately get a leg up on the competition as well. So embrace alchemy, my friends, and pray that the dice be with ye