As far as I am aware, the 500 PIC is a hard rule - it certainly has been in the past.
There have been people who have been told to go and get the 500 PIC before they can be considered, and as far as being competitive there are plenty of people out there who do have the 500 PIC - so the laws of supply and demand come into play.
Sorry if that isn't the answer you wanted.
Good Luck!