You can just make the class name a variable and name your function
So:
setupSelect = (target) ->
$(target).each (i, e) ->
select = $(e)
#etc
$ ->
setupSelect('.universities-select2')
setupSelect('.skills-select2')
Of course you can also select more than one class with a jquery selector, so if its just these 2 you can do this
$('.universities-select2, .skills-select2')