Phi Beta What? describes the falling fortunes of the once-famous honor society:
Phi Beta Kappa may be America’s most famous honor society, but these days it’s a club not everyone wants to join. Enrollment rates have plummeted at some schools: Last year when Phi Beta Kappa sent out invitations to qualifying undergraduates nationwide, just three-quarters of them responded; at Colorado State University, two-thirds said no. Many members have no idea what the society actually does or what their initiation fees really pay for. Phi Beta Kappa also is facing competition from soundalike societies with lower requirements, including some on the Internet with names like Phi Sigma Theta. (All you need to get in is a friend’s recommendation.)
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To anyone who graduated more than 10 years ago, the idea that a student would turn down a Phi Beta Kappa invitation may sound ludicrous. Founded in 1776 at the College of William and Mary in Virginia, it was originally a sometime-drinking, sometime-debating all-male secret society that over time devoted itself to recognizing students who excelled in liberal arts. Charters at Harvard and Yale were followed by Dartmouth, Bowdoin and Brown. For about 100 years, most members attended small, private colleges. Phi Beta Kappa then opened up to many public universities — though it remained a calling card to the vestibules of power. Chapters usually admit only students in the top 10% of their class.
Paying money for a certificate and a cheap “gold” key isn’t nearly as exciting as joining a “sometime-drinking, sometime-debating all-male secret society.”