Hey guys,

Do you have any ideas or insights into how waitlists work for finance phd programs. I have been waitlisted at Chicago's finance phd program.
I have inquired about my status and they have replied "We don’t release waitlist rankings but I can tell you that you are highly ranked on the waitlist and that we have admitted people from the waitlist in Finance in the past."

I don't know how to exactly take this. If there's 3-4 people, presumably I'm the first person. If there is a longer waiting list say 6-8, I could be anywhere from top 1-3. Depending on which is true, my chances vary drastically.

If you have any previous experiences or know of anyone in recent years, that would be very helpful.