The Phi Beta Kappa Society is an academic honor society in the United States. It has 280 chapters. It promotes excellence in the liberal arts and sciences. The society inducts the most outstanding students of arts and sciences at American colleges and universities. The society was founded at The College of William and Mary on December 5, 1776. It was the first collegiate Greek-letter fraternity. It is also the oldest honor society for the liberal arts and sciences (and among the oldest undergraduate societies) in the United States. Phi Beta Kappa () stands for or "" — "Love of learning is the guide of life".