Psych is "low competitive" when it comes to the match--but there's a catch.
The catch is--it's hard to match the "more competitive" programs. So a couple words of advice...
PRESTIGE VS LOCATION: Most psych applicants go for location. A good rule of thumb is "train where you want to work". An exception: academics. If you're destination is to be an "Esteemed Professor of Psychiatry" doing a lot of research at a University, going to a more "research-driven Prestigious Residency" will help you get there.
COMPETITIVENESS OF PROGRAMS: hard to guage and easy to argue about. In general, if you've decided on an area (geographical), apply to all the programs in that area (WARNING: DC and CA residencies tend to be harder to get into...apply to a goodly number of "safeties"). An example, an AMG middle of his/her class with Steps about 210 should apply to around 40 programs and will get around 23-28 interview invitations.
RESEARCH HELPS: I didn't really see this one coming, but EVERY residency I have interviewed at asks me about my research interests. (Residencies have a publication/presentation requirement). Worth thinking about during 2 and 3rd years (if you have time).
STEPS: My medschool makes us take step 2 before our interviews, so I can't really say much about that.
A WEBSITE TO TRY: fmgamerica.com/psychiatry in the # of fmg"-column will tell you how many "fmg's" go to a program and this will VERY ROUGHLY tell you if a program is higher or lower competitive than others. (High fmg=lower competitive... all other things being equal). This can only roughly predict competitiveness but it gives you an inkling.
I wish you all the luck in the world
Cheers!
👍