Create a new document. Select the Ellipse tool, then hold down the Shift key and draw a circular vector path:
Press T to activate the Text tool. Move the cursor right upon the circle. The cursor changes its shape. Click and type your text:
When you finish typing, press Enter to confirm. Then press A to select the Path Selection Tool from the toolbar (the little black pointer).
Move the cursor upon the text. The cursor shape changes to a double-headed arrow:
Drag to the left / right to reposition the text on the path:
Drag inwards / outwards to reposition the text inside / outside the path:
