The word university is derived from the Latin word “Universitas Magistrorum Et Scholarium”, and the term means “community of teachers and scholars”. The original Latin word referred to degree-granting institutions of learning in Western Europe, where this form of legal organization was prevalent, and form of legal organization around the world. A university is an institution of higher education and research, which grant academic degrees in variety of fields, and provides for both undergraduate education and post graduate education. The universities emerged in urban town life to describe specialized association of students and teachers with collective legal rights. Although each university is organized differently, all universities have a board of trustees, a president, chancellor and one vice president. The funding and organization of universities varies widely between different countries around the world.