Faculty development is an organized, goal‐directed process to achieve career progression and growth. Inherent in this process is the acquisition of skills that enable one to contribute in a meaningful way to the advancement of a field of interest, whether educational, operational, or scientific. The process requires attention to technical skills, personal attributes, and explicit goals. Supportive mentorship is optimal. This document outlines important concepts and identifies helpful resources for academic faculty members. Additional resources are available at http://www.saem.orgfacdevindex.htm