Objective: This paper explores the challenges that trainees of the Royal Australian and New Zealand College of Psychiatrists face as they work towards competency in psychotherapy during basic training. Method: The state of training programs in other countries including the trainee and supervisor perspectives on the outcomes of the shift to competency-based assessment is reviewed, and the limited literature examining the systemic problems impacting on the quality of the training experience in psychotherapies for Australian and New Zealand trainees is considered. Results: The risk of an increasing gap between the ideals and the reality of training expectations and experiences is discussed. Conclusion: The importance of auditing the adherence of training services to College guidelines and formally evaluating the training outcomes in the future is emphasised.