alchemy
On earth, the root of the word comes from the Greek for transmutation. In the Middle Ages, alchemy focused on changing baser metals into gold, finding an elixir of life and a universal solvent. Some alchemical practices ultimately became the basis for modern chemistry.
In Master of the Five Magics and its sequels, alchemical procedures were described by formulas of arcane symbols kept in grimoires. Formula success was governed by probability; the more potent the result the less likely it was to succeed.
On earth, the most similar craft is that of a chemist.
Wikipedia: http://en.wikipedia.org/wiki/Alchemy
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