Membership in The Honor Society of Phi Kappa Phi is open to undergraduates, graduate students, alumni, and faculty who have displayed excellence in academic achievement or university service and high moral character. Once elected, membership remains in force for the institution where the member was inducted until the member officially transfers membership to another institution or withdraws from the society. Ball State's chapter number is 290.

Undergraduates qualify either as juniors or as seniors. Juniors (those who have completed at least 72 but not more than 95 credits) are invited to join if they are ranked by cumulative GPA in the top 7.5% of the class in their academic College; selection during the junior year is a special distinction. Seniors (those who have completed 96 or more credits) are invited to join if they are ranked by GPA in the top 10% of the class in their academic College (Architecture and Planning; Applied Science and Technology; Business; Communications, Information and Media; Fine Arts; Sciences & Humanities; or Teachers College).

Graduate students in the upper 10 percent of the number of candidates for graduate degrees also are invited join.

Distinguished alumni and faculty may be invited by special vote of the Executive Committee of the local Chapter.