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LSE Waitlist (postgraduate)

Hello everyone!

I was rejected from the MSc Financial Mathematics during the week 17-21 November and I was put on the waitlist of my second choice programme (MSc Mathematics and Computation) 4 days later. Both programmes are under the department of mathematics.

How long does it take to receive a final decision?
Are the chances of getting admitted very low?
How does the process work?

Thank you all in advance! It's a very anxious situation...