In German, Scandinavian, Slavic and related universities, it would more often be called the Faculty of Philosophy.
The Faculty of Theology was the most prestigious, as well as least common in the first 500 years—and generally one that popes sought most to control.
Although also a professional education for clergy, theology (until the Enlightenment) was also seen as the ultimate subject at universities, named "The Queen of the Sciences", and often set the example for the other faculties.
A traditional division of the teaching bodies of medieval universities (the others being Law, Medicine and Theology), the Faculty of Arts was the lowest in rank but also the largest (the higher faculties admitted only Arts graduates).
Nowadays this is still a common name for faculties teaching humanities (e.g.,) Norwegian: Det filosofiske fakultet, Slovene: Filozofska fakulteta).
Examples include: In English-speaking academia, Faculty of Music normally refers to a university department, especially at Oxford and Cambridge (UK).