Held on the university's Lower College Lawn, the event is centred around the 'Academic Parent' tradition in which older students 'adopt' first years (known as bejants and bejantines) in a guiding and mentoring arrangement.
Traditionally, students were said to arrive at St Andrews with a bag of oatmeal and barrel of salt-herring, with anything more exotic regarded as a luxury.
In return for guidance from the 'Academic Parents', a pound of raisins was passed over in exchange for a receipt known as the 'Raisin Receipt.'
Since the 1800s, the raisins have gradually been replaced with more modern alternatives - such as wine and spirits - while the 'Raisin Receipt' has also evolved.
Written in Latin, the 'Raisin Receipt' has grown from a piece of paper into anything that can be written on, and must be carried everywhere by first year students on Raisin Monday morning, until noon.
Any older student can stop a bejant or bejantine and demand to see the Latin. If they find a mistake, the first year student must recite or sing Gaudeamus igitur or the 'Gaudie'; a song usually performed at university graduation ceremonies.
Formerly held in St Salvator's Quadrangle, the foam fight takes place on 'Raisin Monday' and sees numerous first year students attack each other with shaving foam, usually while wearing outlandish costumes.
The preceding weekend is spent at parties with the 'Academic Family' and usually involves copious amounts of alcohol.