This thread goes into something that I've been wondering about (might be a stupid question)..why are residencies so competitive?? Are obtaining residencies in other medical professions as nearly competitive? It just seems like the problem is the lack of veterinary (and other medical) specialists.
Lots of factors here--the basics come down to simple economics--supply and demand. There are relatively few residencies out there for those who want them, and so they are very competitive.
Why are there so few? It costs money to have the facilities and certified people that are required in order to meet the requirements to offer a residency program. Academic residencies are decreasing in number and/or selling residency slots to veterinary corporations (such as VCA) because of massive budget cuts.
Why do so many people want residencies? Well, personally I think the profession attracts a lot of the best and the brightest who are likely to become passionate about a particular area and have a sincere desire to know as much as humanly possible about that area. With medical advances, there's so much more to know--so it's very stimulating. Even as a resident/specialist, you never feel like you know ALL there is to know about one thing! Financially, more people are turning to specialty certification because it's perceived as one of the few relatively-reliable ways to even think about paying off student loan debt.
As a case study: My particular desire to specialize isn't financially-based. I am extremely passionate about my chosen field and find it incredibly mentally and emotionally stimulating and rewarding. Plus, I'm the type of personality who would like to do one thing really, really well and feel very competent/excel in one area rather than do a bit of everything. However, I do get bored fairly easily, which is readily solved by the fact that my chosen field is very dynamic and requires lots of medicine and lots of surgery--so it would be perfect for me all the way around.
Some people prefer variety and seeing fewer absolute numbers of a higher number of different types of cases. For me, there are certain types of stuff (like dentistry) that, although very important, I just find incredibly unfulfilling. I could go my entire life after vet school without doing a dental and be totally happy--but others love their dental days! To each his own!
But again, supply and demand is what competition comes down to.
Just my $0.02. Enough rambling!