ABSTRACT A cross‐sectional survey of 101 US dermatology residents examined factors influencing interest in three subspecialty fellowships—pediatric dermatology, dermatopathology, and micrographic surgery and dermatologic oncology—and found that interest often declined during residency, even among those with moderate to strong initial interest, with no significant difference in decline rates across subspecialties. Key deterrents included extended training time, additional year of trainee salary, and for pediatric dermatology, concerns about limited mentorship and lower income potential. Demographic factors such as educational debt and underrepresented status in medicine were not associated with changes in fellowship interest. Targeted interventions focused on structured mentorship and financial considerations may help sustain fellowship interest and will be essential to ensuring an adequately trained subspecialty workforce.