Medical Education US

Currently, I am an undergraduate double major in Cognitive Psychology, but I am in the pre-med program at my school because I am confident that I would like to pursue a career in psychiatry. I know that people probably hear these types of questions all of the time, but I wanted some clarification on this subject. I know that psychiatrists must go through medical school and do a 4 year residency at a hospital, while psychologists don't have to go through medical school. Instead, they can go through graduate school to pursue their Masters Degree and eventually a PhD.

So what are the advantages/disadvantages of becoming a psychiatrist as opposed to a psychologist in your experience? Are jobs harder to find? Is there more competition for work? Why would one chose one profession over the other?

I have only just started to complete my requirements for medical school this semester (I am a first year) and these are the questions I am thinking about. I am well aware of the commitment it will take to become a psychiatrist, and as I begin to invest myself in my studies, I can't help but wonder if I would be missing out on anything if I chose to become a psychiatrist instead of a psychologist?

There was a detailed discussion on this topic here:

Psychology vs psychiatry