Bound in leather, instruction from the top university (5)
I believe the answer is:
limit
'bound in leather' is the definition.
'limit' can be an answer for 'bound' (limit is a kind of bound). I am not sure about the 'in leather' bit.
'instruction from the top university' is the wordplay.
'instruction from the top' becomes 'li' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'university' becomes 'MIT' (Massachusetts Institute of Technology).
'li'+'mit'='LIMIT'
Can you help me to learn more?
(Other definitions for limit that I've seen before include "Cap" , "Point beyond which one should not go" , "Curb" , "Boundary, demarcation line" , "Breaking point" .)