This study was designed to assess neonatal fellows' satisfaction with their training and the role of mentorship. A 31-question survey was sent to all second- and third-year fellows in the United States and Canada (n = 304). Responses were received from 201 fellows (66% response rate). Respondents were evenly distributed between second- and third-year fellows. Overall, 75% were satisfied with their training. Eighty percent had a mentor on the neonatal faculty. Only 2.5% believed that they would not fulfill the sub-board research requirement, but another 24% were unsure of completion. The presence of a mentor correlated with being prepared for academic practice (p = 0.013) and plans to enter academic practice (p = 0.031). Correlation between mentorship and completion of the research requirement showed a trend (p = 0.09). Twenty-five percent of neonatal fellows are not satisfied with their training and believed that they may not complete their research requirement. Fellows who had a mentor were more prepared for academic practice and were more likely to be satisfied with their fellowship training. Mentorship is important in neonatal training programs.