This question is about the size-advantage model of sequential hermaphroditism, first worked out by Ghiselin and later formalized by Warner. The model asks a simple question for a sex-changing species: does an individual gain more from being large while male, or more from being large while female? Whichever sex profits more from large body size should come second, so the animal starts life as the other sex.
Because high variance in male fitness means only large males do well, the species is expected to be protogynous, starting as female and turning male at a larger size.
Let's summarize:
So the correct scenario is that fish start life as females and change to males once they are large enough to compete successfully.