A student may use elective time to prepare for advanced stud

主谓宾结构
主语A student,谓语use,宾语time,to prepare是宾语补足语,表目的.prepare for(what),for有词后有并列的三个宾语（advanced study in some professional field,such as medicine or law）,（ graduate study in some area in which M.I.T.gives no undergraduate degree,such as meteorology or psychology）,（advanced study in an interdisciplinary field,such as astrophysics,communication science,or energy）,这三个宾语用连词or连接.
三个宾语中的such as都是对前面深造学习科目的举例.第二个for的宾语中有一句定语从句,（in which ）M.I.T.gives no undergraduate degree,限定限定先行词area.
整句话的意思是：学生会有效地利用时间来准备一些专业领域的深造,比如医药或法律；或者申请麻省理工学院不提供硕士学位的研究生课程,比如气象学或心理学；再或者准备跨学科领域的深造,比如天体物理学,通讯科学或是能量学.