How to type text around vector paths
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Photoshop CC, CS6, CS5, CS4, CS3
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Intermediate
In this tutorial you will discover how to type text on a path or custom shape in Photoshop, and easily reposition it inside or outside the path while keeping it fully editable.
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:

That's it.
You can use the pen tool to draw a curve. Then use the above steps to place your text along this curve.