Present paper describes research data on the understanding of mentorship by modern youth at the initial stage of professional training. The process of collecting and analysing the results of the test of unfinished sentences to determine the definitions of "mentor" and "mentorship" is described. Sample includes 81 students of medical and economic profiles, aged 18-20. Data processing was carried out using content analysis and crosstabs. 11 categories were selected (5 for mentorship, 6 for the description of the mentor) and 35 subcategories. The concepts of "mentor" and "mentorship" are given. Results showed the important role of the institution of mentorship in the educational process. It is noted that the value of mentorship for modern youth lies in the possibility of obtaining support, gaining experience and knowledge, building constructive relationships. Differences in the understanding of the functions of mentorship between students of different educational profiles in four categories were identified: "Basis for defining the concept of mentorship", "The role of mentorship", "Mentor`s Functions" and "Mentor`s Roles". Medical students associate mentorship with an adaptive function, and economists with a developing one. Our study showed that successful mentorship is based on building and maintaining constructive interaction, building favourable relationships.