Run by the Sages’ Guild, the Academy teaches all forms of Arcane magic and lore to practitioners and interested laity alike. It also sells a number of (low-level?) magic items to all comers.
The campus includes lecture halls, dormitories, laboratories, forges, etc.; everything an aspiring wizard could need to further his craft.
Tuition is based in part on ability to pay and in part on ability; the school from the Kingslayer series is probably closer than, say, Diskworld.