In general, avoid unnecessary use of capital letters. Words are not capitalized just because somebody considers them important. Capitalize words in these categories:

Proper nouns (the proper name of a person, place or thing) — Gertrude Cox, Raleigh, NC State University, Reynolds Coliseum, the Bulletin, the Department of Materials Science and Engineering
Personal titles immediately preceding a person’s name — Chancellor Howell, Provost Pfaendtner
Personal titles following a name in a formal or ceremonial list —
Kevin Howell, Chancellor
Jim Pfaendtner, Executive Vice Chancellor and Provost

• Correct: The chancellor is meeting with Governor Smith to discuss recent successes in commercialization of research.
• Incorrect: The Chancellor is meeting with the Governor to discuss recent successes in commercialization of research.
• Correct: The department has hired a new assistant professor.
• Incorrect: The department has hired a new Assistant Professor.
• Correct: The class of 2018 has a bright future.
• Incorrect: The Class of 2018 has a bright future.