In many cultures this signifies being a fool, e.g. think Pinocchio. Similar connotations exist for a wide variety of exaggerated proportions you might see in caricatures. So in this context it seems he didn't think highly of the faculty members at an intellectual level.
I forget the name of the specific art style, but "exagerated noses" is a known caricature motif. You can see this vividly depicted in the opening sequence of the BBC's "Yes Minister" TV series from the '80s.
