There is no university on the island, although the University of Liverpool runs some courses. There is an Isle of Man College, and an International Business School (http://www.ibs.ac.im).
Hike
There are many hiking/walking trails and footpaths on the isle of man, the most significant being the raad ny foillan the way of the gull which is a 95-mile footpath around the island. other trails cross the island in various locations. the raad ny foillan follows the coast for much of its route and is really quite a spectacular hike, well worth the time and effort while visiting the island.
The Isle of Man has very low unemployment, largely because of the financial sector. Seasonal work in the tourism industry is available, but note that a Work Permit is required to work on the island including persons from the UK obtainable from the Isle of Man Government. (http://www.gov.im)