Hello Mike,

Generally, the colleges declare a waitlist along with the main list. If you are in the main list of the shortlisted candidates and reject the offer, the wailist moves forward. The candidate next in the waitlist gets that vacant seat.

This process is followed by all IIMs and other top B-schools.

Good Luck.

Hello... 

Thanks for contacting Careers360... 

The seat will be given to someone else who is below you or it will left if no one wants admission at that time... 

All the best:)