Is higher qualification necessary for good package job?

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I am MBA Finance from ICFAI National college, pune. along with this i am also appering for CA exams, currently i am working with an MNC where my packjage is comparatively less than what i suppose to get. Now a days, people are running before MBA college and other higher education institutes,what they feel is if they will get admission in an reputed college\ institute they will get good jobs compared to others. Even for the admission they are paying big amount as donation? Don't you feel that what is going on is wrong? Collges and institute are just filling there pockets and they even donot care whether there students are getting right placements. But every year colleges are increasing there fees. What is your opinion?