On December 5, 1776, Phi Beta Kappa, φβκ, formed as the first collegiate Greek-letter fraternity in the United States. In particular, five students at the College of William and Mary in Williamsburg, Virginia, met in the Apollo Room of the Old Raleigh Tavern and created the scholastic fraternity.

Phi Beta Kappa created a secret society much like the older, Latin-letter fraternities. As such, Phi Beta Kappa required its members to: take an oath of secrecy, learn fraternal mottos and history, earn a badge or certificate of membership, take part in a rites of initiation, and perform other acts and services. Phi Beta Kappa also held itself out as an exclusive academic honor society. The Greek letters of Phi Beta Kappa, FBK, stand for the motto "Philosophy/Love of learning is the guide of life."

The original members of Phi Beta Kappa embraced the principles of freedom of scientific inquiry, creative thought, and liberal expression. Some of the original members also became Freemasons. Eventually, Phi Beta Kappa became the first to add branches or chapters at other colleges.

Today, Phi Beta Kappa is one of the oldest undergraduate societies in the United States. Its mission is to "celebrate and advocate excellence in the liberal arts and sciences" and to induct the most outstanding academic students in America’s colleges and universities. There are over 280 chapters and over half a million members.

Overall, Phi Beta Kappa continues to reflect outstanding achievement – as it did over nearly two and a half centuries ago.