What is internship and residency?

An internship is generally a one year intensive focus on a particular aspect of a job, usually for significantly reduced pay in exchange for the benefit of learning from experts on the job.

A residency is a formal program that may be 3-5 years in length with an intensive focus on preparing the resident to become certified in a particular aspect of a job. Residents also tend to be paid less, but they also take formal classes and must study for a standardized test at the end of their residency.

Internships are common throughout professional careers ranging from medicine to accounting. Residencies are more common in medical professions.