Phi Sigma Iota was founded at Allegheny College, Penn., and recognizes outstanding ability and high standards in the field of foreign languages, literature, and cultures, including classics, Linguistics, Philology, Comparative Literature, Bilingual Education. It is the highest academic honor in the field of foreign languages. The honors society promotes trips abroad, publishes the national magazine "The Forum," and fosters and spirit of liberal culture.

The honor society recognizes:

• Junior and senior undergraduate students of foreign languages who have at least a B average in their entire college work and all foreign-language courses; have completed at least one course at the third-year level; and rank in the highest 35 percent of their class in general scholarship.
• Graduate students of foreign languages who have completed at least one semester of graduate work; have at least a B-plus average in all courses taken; and have attained a high degree of competence in at least one foreign language.
• Undergraduate and graduate students of summer schools, study-abroad programs, and extension division under special conditions.
• Outstanding foreign-languages faculty of colleges and universities.
• Persons not eligible for numerary membership but who have made extraordinary.contributions to the ideals for which Phi Sigma Iota stands.
• Scholarly achievements without regard to race, religion, or nationality.
• Educational institutions of higher learning by granting a charter.

Phi Sigma Iota is a non-profit organization. Donations received from individuals and corporations to support the Society's Scholarly Programs are tax-deductible under Section 501(c)(3) of the Internal Revenue Code.