He left Princeton for supposedly missing chapel and attended the University of Pennsylvania, graduating in 1953, before establishing himself in New Jersey working in his step-father's car dealership.

Carey was an alumnus of the Delta Phi fraternity and was an active member in the University of Pennsylvania chapter.

Carey announced December 5, 2006, his donation of $50 million to Johns Hopkins University.

[4] The school offers full- and part-time MBA programs, as well as specialized master's degree programs in finance, marketing, information systems, health care management, and enterprise risk management.

On April 25, 2011, Carey announced his donation of $30 million to The University of Maryland School of Law.