In addition to award and grant programs funded and managed at the national level, the Society is proud that its chapters distribute annually more than $200,000 in local grants and awards. Some of the grants and awards funded and facilitated by chapters include:

- Outstanding freshmen, sophomore, junior, and senior awards

- Outstanding Phi Kappa Phi junior, senior and/or graduate student initiate

- The "honors and awards" and "GPA" information gathered on the Permanent Record of Election (PRE) form can be used by chapters to award scholarships or certificates of recognition to outstanding initiates at each initiation banquet. This makes for a great addition to a chapter's initiation ceremony. Such scholarship or recognition can also be noted in your chapter's invitation to membership letter.

- Non-tenured faculty awards

- Students'-Choice Professor awards

- Awards for the top junior or senior in each discipline

- Awards for freshmen who have maintained 4.0 GPAs

- Phi Kappa Phi Alumna or Alumnus of the Year Award

- Chapter award for Fellowship nominee

- Recognition awards for chapter's applicants for the Fellowship competition