The Board of Directors consists of current pharmacy students and recent graduates who are/were members of Phi Lambda Sigma. The offices of President-Elect, Board Member-At-Large (2), and Speaker of the House are elected annually at the House of Delegates. Applications open a few months before the House of Delegates meeting each year. The application process begins late December and extends until the end of January. 

The Board Member-At-Large (2) and the Speaker of the House serve one year terms. Once elected as the President-Elect, the member serves a 3-year term as President-Elect, President, and then Immediate Past President.