The purpose of the Scholars Society at Oakham is to create amongst its members an ethos that places the 'life of the mind' at the centre of individual development. Whilst it is unapologetically elitist, it is certainly not exclusive. In addition to those who hold a formal academic scholarship or exhibition, there are also a considerable number of 'Housemasters Nominees': individuals whom Housemasters and the Master of Scholars believe will benefit from the activities of the Society.
Within their respective year groups – with Lower School pupils constituting a single group – members of the Society are divided into seminar groups. The exceptions are Form 7 students, who are allocated in pairs to a particular seminar group in the role of mentors. Each seminar group has an hour-long seminar per half-term led by the Senior Academic Mentor, who provides a short stimulus that the assembled Scholars discuss in much the same way that seminars are conducted at university.