Phi Eta Sigma was founded by three distinguished Phi Beta Kappa members, profressors, and administrators at the University of Illinois on March 22, 1923, to encourage and recognize high scholastic achievement among members of the freshman class.

This statement expresses simply the inspiration that moved the founders of Phi Eta Sigma in their formation of the society.

Phi Eta Sigma is the fourth most senior member of the Association of College Honor Societies.