Southern Baptists have more students but mostly declining Mainline Protestant seminaries have more money, according to data collected by the Association of Theological Schools (ATS).
Seminaries affiliated with the Presbyterian Church (USA) continue to hold the most long-term investments, just short of $2.4 billion total across nine seminaries. Remove Princeton Theological Seminary’s endowment ($1.358 billion, more than four times higher than its closest peer, the United Methodist affiliated Candler School of Theology, with $315.8 million), and the number shrinks to just over $1 billion.
Those seminaries affiliated with the Southern Baptist Convention, however, easily post the highest number of students, with 7,147 (FTE) enrolled in 2023-24, nearly seven times the number at PCUSA schools (the total combined FTE enrollment at PCUSA schools was 1,043 the same year). Southern Baptist institutions hold six of the top 10 spots on the list of schools with the most students enrolled based upon full-time equivalent ranking (e.g. two halftime students equal one FTE). This is despite those six schools having total long term investments of only $483.4 million, about one-fifth the investments of the PCUSA schools.
For more information, see the charts below.
The Association of Theological Schools collects data on investments held for long-term purposes in accordance with the Financial Accounting Standards Board. The phrase “LTI” replaces “Endowment” in earlier editions of the ATS Fact Book. I’ve also calculated the total number of long-term investments held divided by the number of FTE students.
Another tidbit of interest: the disparity between student enrollment and long-term investment is perhaps most sharply seen at United Methodist affiliated United Theological Seminary in Dayton, Ohio. United has the smallest endowment of its peer group at $9 million. But, the school has the second-largest FTE enrollment of any UMC affiliated school (515, just behind Duke Divinity School’s 570).
Mainline Denominational abbreviations
PCUSA = Presbyterian Church (USA)
UMC = United Methodist Church
EPISC = Episcopal Church
DISCPL = Christian Church (Disciples of Christ)
ELCA = Evangelical Lutheran Church in America
UCC = United Church of Christ
ABCUSA = American Baptist Churches
| Mainline Protestant Seminaries | Denomination | LTI$ (millions) | Enrollment (FTE) | Investment-per-student ratio ($MIL) |
| Princeton Theological Seminary | PCUSA | 1358.2 | 276 | $4.92 |
| Candler School of Theology of Emory University | UMC | 315.8 | 412 | $0.77 |
| Columbia Theological Seminary | PCUSA | 268.8 | 140 | $1.92 |
| Duke University Divinity School | UMC | 267 | 570 | $0.47 |
| Pittsburgh Theological Seminary | PCUSA | 236.1 | 90 | $2.62 |
| Perkins School of Theology Southern Methodist University | UMC | 231.2 | 145 | $1.59 |
| Virginia Theological Seminary | EPISC | 182.2 | 152 | $1.20 |
| Union Presbyterian Seminary | PCUSA | 171.4 | 155 | $1.11 |
| Austin Presbyterian Theological Seminary | PCUSA | 165 | 91 | $1.81 |
| Christian Theological Seminary | DISCPL | 155.7 | 98 | $1.59 |
| Phillips Theological Seminary | DISCPL | 134.2 | 46 | $2.92 |
| Luther Seminary | ELCA | 123.8 | 183 | $0.68 |
| Garrett-Evangelical Theological Seminary | UMC | 118.3 | 190 | $0.62 |
| United Lutheran Seminary | ELCA | 113.6 | 161 | $0.71 |
| Boston University School of Theology | UMC | 107.4 | 255 | $0.42 |
| Brite Divinity School at Texas Christian University | DISCPL | 103.1 | 64 | $1.61 |
| Louisville Presbyterian Theological Seminary | PCUSA | 86.5 | 100 | $0.87 |
| McCormick Theological Seminary | PCUSA | 80 | 45 | $1.78 |
| University of the South School of Theology | EPISC | 59.9 | 103 | $0.58 |
| Wesley Theological Seminary | UMC | 56.8 | 302 | $0.19 |
| Methodist Theological School in Ohio | UMC | 53.4 | 86 | $0.62 |
| Lexington Theological Seminary | DISCPL | 49.4 | 29 | $1.70 |
| Lutheran School of Theology at Chicago | ELCA | 48.5 | 58 | $0.84 |
| Seminary of the Southwest | EPISC | 40.7 | 92 | $0.44 |
| Iliff School of Theology | UMC | 39.3 | 132 | $0.30 |
| Lutheran Theological Southern Seminary of Lenoir-Rhyne University | ELCA | 37.8 | 41 | $0.92 |
| Drew University Theological School | UMC | 37.7 | 304 | $0.12 |
| Wartburg Theological Seminary | ELCA | 37.3 | 146 | $0.26 |
| Saint Paul School of Theology | UMC | 34.8 | 66 | $0.53 |
| San Francisco Theological Seminary | PCUSA | 34.1 | 65 | $0.52 |
| Pacific Lutheran Theological Seminary of California Lutheran University | ELCA | 34 | 49 | $0.69 |
| General Theological Seminary | EPISC | 33.9 | 22 | $1.54 |
| Church Divinity School of the Pacific | EPISC | 28.7 | 28 | $1.03 |
| Eden Theological Seminary | UCC | 26.3 | 66 | $0.40 |
| Colgate Rochester Crozer Divinity School | ABCUSA | 19.3 | 41 | $0.47 |
| University of Dubuque Theological Seminary | PCUSA | 17.1 | 81 | $0.21 |
| Chicago Theological Seminary | UCC | 16.6 | 128 | $0.13 |
| Claremont School of Theology | UMC | 16.4 | 96 | $0.17 |
| Lancaster Theological Seminary | UCC | 16.4 | 42 | $0.39 |
| Palmer Theological Seminary of Eastern University | ABCUSA | 16.2 | 110 | $0.15 |
| Northern Baptist Theological Seminary | ABCUSA | 11.2 | 79 | $0.14 |
| Berkeley School of Theology (CA) | ABCUSA | 9.1 | 85 | $0.11 |
| Bexley Hall Seabury-Western Theological Seminary | EPISC | 9 | 34 | $0.26 |
| Nashotah House | EPISC | 9 | 76 | $0.12 |
| United Theological Seminary | UMC | 9 | 515 | $0.02 |
| United Theological Seminary of the Twin Cities | UCC | 9 | 130 | $0.07 |
| Central Baptist Theological Seminary | ABCUSA | 0.1 | 262 | $0.00 |
| Berkeley Divinity School (Yale) | EPISC | 0 | 0 |
| Southern Baptist Seminaries | Denomination | LTI$ (millions) | Enrollment (FTE) | Investment-per-student ratio ($MIL) |
| Southwestern Baptist Theological Seminary | SBC | 162.1 | 1,041 | $0.16 |
| Southern Baptist Theological Seminary | SBC | 107 | 1,866 | $0.06 |
| New Orleans Baptist Theological Seminary | SBC | 75.2 | 871 | $0.09 |
| Gateway Seminary | SBC | 59.4 | 782 | $0.08 |
| Southeastern Baptist Theological Seminary | SBC | 48.7 | 1,085 | $0.04 |
| Midwestern Baptist Theological Seminary | SBC | 31 | 1,502 | $0.02 |
| United Methodist Seminaries | Denomination | LTI$ (millions) | Enrollment (FTE) | Investment-per-student ratio ($MIL) |
| Candler School of Theology of Emory University | UMC | 315.8 | 412 | $0.77 |
| Duke University Divinity School | UMC | 267 | 570 | $0.47 |
| Perkins School of Theology Southern Methodist University | UMC | 231.2 | 145 | $1.59 |
| Garrett-Evangelical Theological Seminary | UMC | 118.3 | 190 | $0.62 |
| Boston University School of Theology | UMC | 107.4 | 255 | $0.42 |
| Wesley Theological Seminary | UMC | 56.8 | 302 | $0.19 |
| Methodist Theological School in Ohio | UMC | 53.4 | 86 | $0.62 |
| Iliff School of Theology | UMC | 39.3 | 132 | $0.30 |
| Drew University Theological School | UMC | 37.7 | 304 | $0.12 |
| Saint Paul School of Theology | UMC | 34.8 | 66 | $0.53 |
| Claremont School of Theology | UMC | 16.4 | 96 | $0.17 |
| United Theological Seminary | UMC | 9 | 515 | $0.02 |
| Anglican / Episcopal Seminaries | Denomination | LTI$ (millions) | Enrollment (FTE) | Investment-per-student ratio ($MIL) |
| Virginia Theological Seminary | EPISC | 182.2 | 152 | $1.20 |
| University of the South School of Theology (Sewanee) | EPISC | 59.9 | 103 | $0.58 |
| Seminary of the Southwest | EPISC | 40.7 | 92 | $0.44 |
| General Theological Seminary | EPISC | 33.9 | 22 | $1.54 |
| Church Divinity School of the Pacific | EPISC | 28.7 | 28 | $1.03 |
| Trinity Anglican Seminary | ANGOTH | 27.3 | 90 | $0.30 |
| Bexley Hall Seabury-Western Theological Seminary | EPISC | 9 | 34 | $0.26 |
| Nashotah House | EPISC/ANGOTH | 9 | 76 | $0.12 |
| Reformed Episcopal Seminary | RFEPISC/ANGOTH | 1 | 8 | $0.13 |
| Berkeley Divinity School (Yale) | EPISC | 0 | 0 |
| PCUSA Affiliated Seminaries | Denomination | LTI$ (millions) | Enrollment (FTE) | Investment-per-student ratio ($MIL) |
| Princeton Theological Seminary | PCUSA | 1358.2 | 276 | $4.92 |
| Columbia Theological Seminary | PCUSA | 268.8 | 140 | $1.92 |
| Pittsburgh Theological Seminary | PCUSA | 236.1 | 90 | $2.62 |
| Union Presbyterian Seminary | PCUSA | 171.4 | 155 | $1.11 |
| Austin Presbyterian Theological Seminary | PCUSA | 165 | 91 | $1.81 |
| Louisville Presbyterian Theological Seminary | PCUSA | 86.5 | 100 | $0.87 |
| McCormick Theological Seminary | PCUSA | 80 | 45 | $1.78 |
| San Francisco Theological Seminary | PCUSA | 34.1 | 65 | $0.52 |
| University of Dubuque Theological Seminary | PCUSA | 17.1 | 81 | $0.21 |
Curious about anything in the data that you don’t see above? Let me know in the comments section below and I’ll make inquiries.
Comment by April User on September 10, 2024 at 11:14 am
Asbury or Assemblies of God? Thank you.
Comment by Jeffrey Walton on September 10, 2024 at 3:02 pm
Hi April, the AG has two seminaries that report data to the Association of Theological Schools: Assemblies of God Theological Seminary and Southeastern University School of Divinity. AGTS has an FTE enrollment of 172 and long-term investments of $0.2 million, SEUSD has an FTE of 208 and reports no long-term investments. Asbury Theological Seminary, which is interdenominational (in the Wesleyan tradition but not formally affiliated with a specific denomination) has an FTE of 907 and long-term investments totaling $215.6 million.
Comment by Anonymous Mainline on September 10, 2024 at 8:39 pm
I have to stay anonymous. I work for one of the top 10 schools on this list for top endowments. I’ve been on staff for 12 years. It’s one of the PCUSA seminaries, and it’s a great institution in terms of how it treats staff. It has also become aggressively liberal in the past decade. I can assure you that the money is what is keeping everything afloat. Our student enrollment remains sustainable and fairly healthy for one reason: all of our students receive full tuition or near-full tuition. The evangelical seminaries cannot compete. Fuller and Gordon-Conwell are piss poor compared to our seminary, despite the much greater interest among potential students at those seminaries. Two centuries of mainline wealth is a long time and a lot of wealth, and it will keep us and peer institutions afloat for a long time…but not forever.
Comment by Tim Ware on September 11, 2024 at 12:23 am
Mainline has the money; Baptists have the students. But neither has the Gospel.
Comment by Dan W on September 11, 2024 at 9:43 am
Studying at a wealthy, mainline seminary sounds like an awesome experience, unless your calling is to serve. If servant leadership is your calling, three more years of nonsense won’t prepare you.
Comment by Cal on September 11, 2024 at 1:46 pm
I used to attend a PCUSA church that became aggressively liberal, and is basically by and for elderly liberal females and gays. In a huge sanctuary, maybe 50 showed up for worship. But they have $10 million of dead mens’ money (aka ‘endowment’) to play with, so they should be able to continue the show for decades. What is the technical term for this — zombie?
Comment by Jack B. on September 12, 2024 at 4:50 pm
Two: Trinity Evangelical Divinity School in Deerfield, Il and Covenant Seminary, near St. Louis, MO. Thanks.
Comment by David Gingrich on September 13, 2024 at 7:16 am
This relatively new Southern Baptist regrets every dollar he ever gave to the UMC.
Comment by Earl Vaughn on September 14, 2024 at 4:13 pm
Extremely thankful for the excellent education afforded to me at New Orleans Baptist theological seminary. The practical focus on ministry at the local church level has served me well producing positive evangelistic results throughout 43 years of full-time ministry. Any seminary that does not produce graduates who are capable of building growing strong vital evangelistic churches is not worth a thin dime.
Comment by Tim Fleck on September 16, 2024 at 2:11 pm
Does Berkeley-Yale seriously have zero students and zero endowment, or did they just decline to report?
Comment by Jeffrey Walton on September 17, 2024 at 10:02 am
Yale Divinity School has many students. Berkeley is a house of studies within Yale, it is not itself a degree granting institution and doesn’t officially enroll students, so it doesn’t have an enrollment number to report.
Comment by Susan S on October 16, 2024 at 7:05 am
Good morning.
When I looked at the ATS link in this article, I didn’t see any information on endowment size. Can you tell me where you obtained your data?
Thank you.