It's true that you need 1-2 fellowships and/or grad degree to land a job in an urban area in lucrative specialties (e.g. GI, Cardio, Nephro, Rad); however, you can still get jobs without fellowship in other specialties like endo, rheum, allergy&immunology, and even GIM if you don't do extra fellowship/degrees. However, I don't know if the income potential for those fields justify the extra brutal 3 years and the time it takes to build up your patient base. Of course, if you are passionate about those fields, it's different story.