Never install software required for your company/university onto your personal device. Not even with VM or OS running off external drive. source: former university system administrator.
Due to NDAs I signed, I cannot explain much how it works but if someone installed such software onto their personal device then zero privacy is pretty much expected. A person well-versed in IT admin can block and limit the external access to the device, but the corporation or university will know and flags you for non-compliance.