Can I use a field separator consisting of multiple characters? Like I want to separate words which contain quotes and commas between them viz.
\"School\",\"College\"
yes, FS could be multi-characters. see the below test with your example:
kent$ echo '"School","College","City"'|awk -F'","|^"|"$' '{for(i=1;i<=NF;i++){if($i)print $i}}' School College City