This article is from the Medical Education FAQ, by eric@wilkinson.com (Eric P. Wilkinson, M.D.)with numerous contributions by others.
A fellowship is a period of training that you undertake following
completion of your residency, as a means to subspecialization. For
instance, a general surgeon can do a number of different fellowships
(e.g. cardiothoracic surgery, plastic surgery), a pediatrician can
complete a fellowship in pediatric endocrinology, etc. The list of
possible subspecialties is almost endless. A fellow is considered
somewhere in the hierarchy between residents and faculty. They are
paid like advanced residents, but nothing close to what a private
physician makes. People take fellowships for a number of different
reasons: The subspecialty may be what they've always wanted to do in
the first place, they may develop an interest in that field along
the way, and it's often a path to a faculty position in a residency
program and medical school. The length of fellowships also varies
some, but usually lasts three years or less.
 
Continue to: