This study compares a survey from 4 select fellowship programs with the ACFAS 2018 compensation and benefits survey. That survey had an n of 362 - twenty of which were part time, and 25 were paid hourly (8% of n). 251 of the 346 (69%) of respondents were between ages 36-65, meaning most were likely completing training before fellowships became somewhat commonplace, as they are becoming now. 25 of the ACFAS respondents spent 4+ years in residency, meaning they attending one of the few 4-year podiatry residency programs, OR they completed 3 years and a fellowship. 94 of ACFAS respondents reported 2 years or less of residency, meaning they almost certainly trained prior to the current fellowship surge - fellowship was likely never an option for many of these survey respondents because they were not widely available as they are now. 190 respondents reported they had been in practice for 11 years or more (again, they started practice before fellowships were popular). In the ACFAS survey, 68 reported completing a surgical fellowship and the average pre bonus salary was 240,000. 276 reported they had not completed a surgical fellowship, and their average pre bonus salary was 226,000. In other words, comparing these two groups (the 4 selected fellowship programs vs. the ACFAS 2018 compensation and benefits survey), probably doesn't show us much - if anything at all. The two groups are not comparable. There is almost certainly crossover between the two groups (people who responded to both surveys).
I don't mean to take down this poster/research - those trained at that program have advanced our profession, but I don't think the poster has any real/valuable data as the data are presented above. I think they recently published in ACFAS, and maybe more data are available in the actual paper.
As fellowships become more common, the difference in starting income between those who complete fellowships and those who don't will become less and less. There are only so many podiatry/foot and ankle jobs available, and the vast majority of surgical foot and ankle practice positions go to orthopedic foot and ankle surgeons - this is not changing anytime soon. Most "fellowship-trained" individuals are targeting coveted hospital and orthopedic group jobs. As others have said and we all know, there are only so many of those positions open a year, and its much less than the number of podiatrists graduating residency, fellows finishing fellowship, and orthopedic foot and ankle surgeons finishing fellowship. If you count ACFAS fellowships, CPME fellowships, and fellowships that are not "recognized" by any recognizing body, such as those posted on PM news or podiatry exchange, there are probably close to 100 podiatry fellowship slots and increasing. I did not do the math, this is an educated guess. So as those increase, I would expect the difference in "fellowship trained" income and residency trained income to become less over time.
Some fellows do have a better chance at higher-paying and coveted jobs. A lot of that has to do with connections. Sure an extra year of training is helpful, but I would take a graduate from a very good residency over a graduate from a bad residency + average fellowship ten out of ten times. I used to think more training was always a good thing. Now that anyone can start a "fellowship" and there is a large supply of fellowship slots (meaning less qualified candidates), in some cases more training = more dangerous.