Global membership of the HEA fellowship scheme is increasing. Despite the focus by academic developers on supporting staff to achieve fellowship, there is limited research that examines whether it improves teaching and the learning experience. Our detailed survey of educators in the UK and Australia indicates perceptions of impact on individuals, practice, and community. Importantly for academic developers, the reflective act of developing a fellowship has potential to shape the student learning experience. However, some staff are frustrated and disillusioned by their experience. We call for institutions to design development and recognition that maximise impact and acknowledge the benefits valued by educators.