Exercises to get bit of money by bankrupt college (8)
I believe the answer is:
pembroke
'college' is the definition.
(I've seen this before)
'exercises to get bit of money by bankrupt' is the wordplay.
'exercises' becomes 'pe'.
'to get bit of' indicates taking the first letters (just the first 'bit').
'by' is a charade indicator (letters next to each other).
'bankrupt' becomes 'broke'.
The first letter of 'money' is 'm'.
'pe'+'m'+'broke'='PEMBROKE'
(Other definitions for pembroke that I've seen before include "An Ox., a Camb. college; Welsh town, castle" , "Two Oxbridge colleges; a shire" , "Former Welsh county" , "Welsh port" , "Oxford college; small table" .)