Based on a novel data set that links college administrative information with earnings records from a state college system for both public two-year and four-year colleges, this study quantifies the impacts of exposure to different types of instructors during students' initial semester in college on their subsequent academic and labor market outcomes. To minimize bias from student sorting by type of instructor, we combine course-set fixed effects with an instrumental variables approach that exploits term-by-term fluctuations in faculty composition in each department, therefore controlling for both between- and within-course sorting. The findings suggest that two-year students, particularly racial minority students, have substantially higher levels of exposure to adjuncts with temporary appointments than four-year students. Two-year students taking a heavy course schedule with temporary adjuncts are adversely affected in college persistence and subsequent credit accumulation, and the penalty is particularly pronounced among males and racial minority students with stronger academic potential. Such negative impacts on academic outcomes do not translate into poorer short- to medium-term labor market performance. In the four-year setting, no significant distinction is identified between different types of instructors on either student academic or labor market outcomes.