(FORTUNE Magazine) – Contrary to what most B-school applicants think, being wait-listed--or denied--doesn't mean you don't have options.

If you're on a wait list

View it as an opportunity, not an insult. At most schools it means they see you as qualified and want to admit you, but someone similar got there first or made a more persuasive case. Since you can't control such outside factors, focus on what you can do:

--Address any concerns. At the University of Chicago, the wait list is a means of getting more information, says associate dean Don Martin, because "usually there's something missing"--a gap in employment, an uneven academic record, a letter of recommendation that doesn't have much meat. The way you respond to questions may be as important as what you say. "It does put the applicant in a test situation," says Martin.

--Update, don't inundate. Got a promotion or new responsibilities? By all means, let the school know. But keep your communications relevant, brief, and businesslike. "We appreciate the enthusiasm," says Liz Riley of Duke's Fuqua School of Business. "But we appreciate it in writing."

--Follow instructions. This sounds obvious, but B-schools have surprisingly different approaches to wait lists, says Richard Montauk, author of How to Get Into the Top MBA Programs: "Some want a lot of contact; some want none."

Despite your best efforts, the harsh truth is that top schools end up admitting a fraction of their wait lists in a typical year, and this year could be worse.

If you strike out

Take comfort in the example of Dave Magstadt, who was turned down by Harvard, Columbia, and Stanford two years ago, despite a 3.95 GPA and a 750 (out of 800) GMAT score. Today the 25-year-old former Accenture consultant is a Columbia first-year who just accepted a summer job offer from Goldman Sachs.

What changed? Dave did. "I didn't get in for a reason," he says in his Oklahoma twang. "I wasn't ready." Magstadt was young and inexperienced and had little international exposure (important at Columbia). It probably didn't help that he was a white male consultant--a very common profile--who applied in the final round. But his biggest problem was one only he could address: he hadn't articulated what he had to offer, what he wanted from an MBA, and what he wanted to do with it.

Admissions experts say this is one of the most common reasons that people get turned down. That doesn't mean everyone needs a five-year plan (although that can work too). They want to know you, though they may ask in different ways. Julia Min of NYU's Stern School says applicants are asked to describe themselves creatively. People have sent games, haiku, even a jar of salsa--whatever might pique the admission committee's interest.

They also want to know why you want to be at their school. Every admissions director has received essays misaddressed to Stanford or Wharton (watch the cut-and-paste), but the problem goes deeper. It's like writing a generic love letter: It rarely persuades. That's one reason that Stanford's Derrick Bolton recommends applicants visit the schools they're serious about. When you think about it, he points out, the cost of business school (about $100K) plus the lost-opportunity cost in not working can compare to that of a house. "Would you buy a house without looking at it?"

The second time around, Dave Magstadt applied to five schools--earlier this time--and visited them all. He pushed for an overseas assignment from Accenture (which he got), sought out opportunities to manage teams, and began to see the direction he wanted his career to take. And as you know, that made the difference.

--Ann Harrington