<p>Not necessarily. Students tend to apply to a lot of schools these days and, if they are accepted by more than two on average, there should be places somewhere for those put on waiting lists. There are only a few music schools that have better than 50% yield because the stronger applicants tend to be able to choose from among more than two offers. If most schools only overbook by a factor of two, there will be students coming off the wait list at many of them.</p>