Possible to create Departments (and sub-departments) for an Account?

Good morning!

I am trying to figure out if it is possible to create a Department and Sub-Department for an account instead of Parent Accounts and Sub-Accounts, etc. 

For example:

A Local University (Account)

School of Business (Department)

Accounting (Sub Department)

Is it possible to do this in CRM? I am the system admin, so I have the ability to make any customization needed, I just am not sure if this is possible, or how to do it.

Also - we are upgrading to 2016 on July 9th.

Thanks in advance! :)