You will need an indexer that is a true 4th. axis with the machine. In other words the machine must know what angle your part is on at all times. It can't be an indexer that will just index a certain amount on each command but the machine will have to move while the indexer is rotating and remain in the cut. This cannot be done with just a 3 axis mill. Your tool needs to be perpendicular to the work at all times. This can be done on a 5 axis machine with out an indexer but you won't be able to go all the way around the part because you will have to hold onto it some how. So tell your Teacher they need to get a bigger Machine and put it into the buget. You will also need the software upgrade to go with it.