1) Im not too knowledgeable about the process as Im a U.K grad. From what I understand, youll have to take exams called the PLAB in order to be able to practice. Its best to contact the GMC (general medical council) as they can give you a more offical breakdown of the conversion process for someone in your particular situation.
This website is really good and can answer most of your questions regarding the conversion process.
http://www.bmjcareersadvicezone.synergynewmedia.co.uk/info_links.asp
2) If you are not a citizen of the U.K it will be very difficult getting a higher level training spot here. New changes to FMG working status means that you will only be considered for training spot if the institution is unable to fill it with a U.K/EU grad (who also holds citizenship).
3/4) Listing the advantages and disadvantages of training in the U.K is difficult to do as this is very subjective.
Pros
-More relaxed training takes a bit longer to get to consultant level but you'll get there comfortably.
-The GMC controls how doctors practice and there is a strong custom to follow evidence-based medicine. Some people would think of this as a con but I think its an advantage depending on how you look at it. For example, CT surgery is a dead stick in the U.S mainly because of interventional cardiology. However, there are certain situations where CABG is proven to be more beneficial but cardiologists in the U.S are not regulated by an higher authority and cannot come under scrutiny for not referring out as they can in the U.K. Hence why a training spot in CT surgery is relatively easy to get in the states but still very competitive in the U.K, as it still has a good future here.
-Medical indemnity insurance is far less in the U.K.
-You are paid for time, not for procedures. Nobody really steps on anybody elses toes here. The mentality of if I dont do the procedure, I dont get paid isnt really an issue here.
-You are financially rewarded for academics (via clinical excellence awards); thus, an academic doctor can earn lots of money without having to do private work.
Cons
-Standard of living is very high in the U.K
-Postgraduate training process is changing, so its harder to predict where youll be in 10 years.
-A lot of profs here are mean and the British stiff upper lip takes some time getting used to (just my opinion)
-Fellowship exams are too broad scoped. This is an issue if you want to be super sub specialized. For example, having your FRCS means you are competent in general surgery, however, if you wanted to practice high risk colorectal surgery it would be up to your employers discretion as to how qualified you are (unlike the U.S where youll be board certified in colorectal surgery and have your FACS). Specialty specific standardized exams may be introduced in the future with the whole modernizing medical careers thing though.
I kept this an open message on the thread rather than a PM so other people could add their input, as some may agree/disagree with what i have to say (or point out any mistakes)