Virginia Future Business Leaders of America-Phi Beta Lambda (FBLA-PBL) began in 1942 when a local FBLA chapter was chartered at Spotsylvania High School. The first Virginia Phi Beta Lambda chapter was chartered at Saint Paul's College in 1945. In 1950, Virginia was chartered as the eleventh state chapter of Future Business Leaders of America.

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Virginia FBLA-PBL is part of the national structure of Future Business Leaders of America-Phi Beta Lambda, Inc.

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Future Business Leaders of America-Phi Beta Lambda is a nonprofit 501(c)(3) education association with a quarter million students preparing for careers in business and business-related fields. The association has four divisions:

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FBLA-PBL is headquartered in Reston, Virginia, and organized on local, state, and national levels. Business teachers, advisers, and advisory councils (including school officials, businesspeople, and community representatives) guide local chapters. State advisers and committee members coordinate chapter activities for the national organization.