LOL @ the reply above.
Fine art is art that is generally for decoration purposes only. It's hung in galleries and kept in collections. Originals are generally sold and that is how the money is made. Unfortunately, Fine Art degrees are almost useless when it comes to getting art related jobs so many graduates move on to being art teachers. If you wanna be an art teacher it's helpful but if you don't it's obviously not. From what I've heard too, you don't get taught as much during a fine art degree. Just more, left to do what you want. This is great if you want to be all CONCEPTUAL and MEANINGFUL but it's worth toss if you're interested in developing your technique. You're more likely to find annoying people on fine art courses. Deep hipster types and also people who didn't know what they wanted to do so they're doing art for the sake of it.
Illustration is generally used as part of something. It can be used in a book for example or as part of production in a film. You're more likely to work with clients and your work is probably going to be more figurative (obviously, if you're illustrating a book, you can't have abstract blobs depicting characters really). With and illustration course, you will be taught more technique and you will be given industry style briefs. Illustrators have more job scope too. As well as being art teachers they can also be concept artists, children's' book illustrators, work in editorial, comic book artists or even go into tattooing.
The money IS NOT in fine art. And the name "fine art" is VERY misleading. Fine art isn't called fine art because it's "fine" or better than any other form of art. I'm sick to death of that assumption :I