I'm in College taking a Cosmetics/Retail Sales program and there is a LOT of theory and background information about products, skin care, nail care, hair care, the retail marketplace, and much more about the industry. Makeup application is just a small portion of all of the knowledge you obtain. I'm finding that I'm not satisfied with the makeup aspect, because I would love to learn about specific techniques, not theories behind techniques although it doesn't hurt to know.
However, it is a college program, so it might be more broad than a cosmetology certificate program you folks in the states have.