Finish employment at university (3,2)
I believe the answer is:
use up
'finish' is the definition.
(thesaurus)
'employment at university' is the wordplay.
'employment' becomes 'use' ('use' can be a synonym of 'employment').
'at university' becomes 'up'.
'use'+'up'='USE UP'
(Other definitions for use up that I've seen before include "Consume (stocks)" , "Entirely consume" , "Expend" , "Exhaust (resources)" , "Finish, exhaust" .)