If you mean studying it in context, then I don't think it would be a problem if you aren't easily influenced by others. But alchemy? It's just…stupid.
There's a reason why they made a distinction between alchemy and chemistry:one is science and the other is bullshit. Study chemistry instead: you will get real results, and it pays. If someone told me they were an "alchemist", by the time it travels from my ears to my brain it sounds like "neckbeard with no redeeming qualities trying to be exotic to make up for it". Same as Wiccans.