There is no wizarding University(college) because they get jobs based on hwo many NEWTs oder OWLs they get. It is explained in the 5th book in the chapter called 'Carears Advice'. So no, they don't need to go to University(college)
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i think it's a little strange that 4 years of additional education can be replaced Von a high school level test and a career aptitude test, and how no wizard careers require any additional education.
There is such a thing as apprentice in HP. Example: Healer in training, junior auror, potion master apprentice, etc. ussually include a few years of training before they undergone test to get the Titel they want. So there.
The wizarding world doesn't really have colleges. In fifth year, students decide what they want to do and, after they pass their OWLs, they start taking classes based around that. Then they take their NEWTs, and start applying for jobs. Some jobs require extra training (like Aurors), and I'm certain some jobs (like Healers/Mediwitches/wizards) require apprenticeships.
But, over-all, college isn't really necessary in the wizarding world. They get all the preparation they need at Hogwarts.