Prospectus = brochure; a document giving details of a college, school or business and its activities.

• You will find details of all our courses in the prospectus attached.
• A school or company prospectus.

Prospects = possibilities, future, scope.

• You should have better job prospects with a post graduate degree in Commerce.
• The manager held out bright prospects if I would accept the position.
• The accident darkened his prospects of becoming a good football player.

Related words:

Prospective = potential, probable, likely to be, with effect from future.

• You should make advertisements to attract prospective buyers.
• The government informed that benefits would be available with effect from a prospective date, and not from a past date as demanded by employees’ union.

Retrospective = (of laws, payments etc.) applying to the past, not restricted to the future.

• A retrospective wage increase.
• The benefits will be available to the staff with retrospective effect from last financial year.