Hi TrueLie,

The answer depends on the values of X and Y. Schools have their own decision calendars and policies about how much time they will give you to decide once an offer is extended. Typically, the schools want to know the decision of Round 1 admits before they make their admit decision for Round 2; therefore, I would say that the most likely scenario is that you will need to have made a decision on the Round 1 admit from school X before you know your standing with School Y. Schools generally will give you a time-sensitive offer and require a non-refundable deposit to be sent in to secure your spot. This why we recommend to our MBA Prep School clients that they apply to their first choice schools in Round 1 and then second choice schools in Round 2. This way, if you get an acceptance letter in Round 1, you are done.

To answer your follow-on question, for every school I am aware of you can only apply once per application season. If you are not accepted, you must wait until the following year to reapply.

Best,
Tyler