Mentors and proteges from two formal mentoring programs were interviewed about the benefits associated with program participation, problems encountered in the program, and recommendations for program improvements. The most commonly reported benefits for proteges included learning, coaching, career planning, and psychosocial support. Mentors most frequently reported learning, developing a personal relationship, personal gratification, and enhanced managerial skills. Both groups identified a range of problems including mentor-protege mismatches, scheduling difficulties, and geographic distance. Unique problems were also identified, including mentor neglect (by proteges), unmet expectations (by proteges), structural separation from the mentor (by proteges), and feelings of personal inadequacy (by mentors). Finally, suggestions for program improvement were identified such as clearer communication of program objectives, better matching, targeted participation in the program, and better program monitoring. Findings are discussed in terms of what we currently know about informal mentoring and implications for mentoring theory. Suggestions for mentoring practice are also discussed.