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There are definitely academically elite institutions that do not have Phi Beta Kappa chapters. USMA, USNA, USAFA are absent as well as Caltech, arguably one of the finest engineering schools in the country. PBK doesn't recognize many programs that lead to professional degrees such as engineering (which knocks out the 4 I mentioned).
I also see many schools on that list that are not exactly known for their academic prowess.
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....but some are more equal than others.
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