Residency refers to a period of training that medical school graduates undergo in a specialized area of medicine in order to become licensed physicians. It typically lasts for three to seven years, depending on the specialty, and is supervised by experienced physicians. During residency, doctors gain hands-on experience caring for patients, performing procedures, and learning from seasoned professionals in their chosen field. Residency is a crucial step in the journey to becoming a fully-fledged physician and is typically followed by further specialization or fellowship training.