No, but you WILL have to update it if you install a patch. The mod is depending on your patch level (the latest, for University, is 1.50) and when EA releases a new patch, you'll have to update the mod when you install that.
It may be that new versions of the mod are released in-between, usually those are bugfixes and additional features, so it is recommended to keep it up to date in those cases as well. However, the mod is pretty "mature".