Current accountability in higher education is primarily focused on equality--the application of the same metrics to all schools no matter whom they enroll. But an accountability system that judges schools only on former students' earnings outcomes will reward schools with certain demographic profiles over others--in the context of this report, colleges with fewer Black and low-income students. To apply any kind of accountability metric fairly, it's necessary to account for the hand a school is dealt in the demographic makeup of its students, just as it's necessary to assess how well or how poorly a school is doing in comparison to peers facing similar challenges. To fail to do this is to leave schools free to continue either admitting only the most prepared students they can attract or doing a poor job while excusing themselves because they serve a large percentage of low-income and minority students.