My understanding of the market competitive pay is: it’s just the compensation to match the demand and supply gap in the market and depending on the pay the compensation packages gets escalated, just as Neha has talked about in her case.
I would like to quote the industry of Charted Accounts and Company Secretaries in this regards. There was a time CAs were considered to be cream de la crème in the commercial sphere. Reason: there were not too many CAs getting into industry. Suddenly there was a flood of CAs into the market. The sheen was all gone and the pay packages got to such lows that people did not considered CA as a lucrative option any longer. People started exploring other avenues. The Institute of CA ,ICAI, woke up to this and renewed the structure and suddenly there was a change in the supply of CA with the high growth of the Indian economy the demand zoomed and so did the packages, back to old days of glory. Thus it’s not only the consumer who is involved in the dynamics of competitive pay but also the supplier.
CS, also, is undergoing the similar structural changes and in fact this is for the first time ever it has attained the sheen as the CAs market. There have been legislative changes by the government which propelled the course to its present glory.
A course is not considered good on the basis of knowledge but considered by the motivation provided by the market ,else why has ICWA, Cost Accounting, lost it sheen and not many are taking it up.
Competition is done to meet ones requirement but in the process it becomes the cause of existence for some while getting others extinct.
(the author of this post is a CA in a reputed credit rating agency in India)
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