Retrived 2nd Most Frequent Word in a List

I'm having a difficult time finding the answer to this problem. I need to find the nth most frequent text in a column of text. For example:

Name:
George
Susan
George
Adam
Adam
Susan
Susan
Adam
Susan

I've used this formula which will retrieve the most frequent:
{=INDEX($AK$3:$AK$1534,MATCH(MAX(COUNTIF($AK$3:$AK$15342,$AK$3:$AK$1534)),COUNTIF($AK$3:$AK$1534,$AK$3:$AK$1534),0))}

And tried using Large, but am having no luck:
{=INDEX($AK$3:$AK$1534,INDEX(COUNTIF($AK$3:$AK$1534,$AK$3:$AK$1534),LARGE(COUNTIF($AK$3:$AK$1534,$AK$3:$AK$1534),2)))}

I think I may need to use Mode? But not sure. Any help is greatly appreciated.

I copied your list of names into cells A1-A9 and used the following formula to get the 2nd most common:

=INDEX(A1:A9,MATCH(LARGE(COUNTIF(INDEX($A$1:$A$9,0),$A$1:$A$9),LARGE(COUNTIF(INDEX($A$1:$A$9,0),$A$1:$A$9),1)+1),INDEX(COUNTIF(INDEX($A$1:$A$9,0),$A$1:$A$9),0),0))

As an array formula, obviously.

The problem with using LARGE(<some array>,2) is that if your array is the counts for frequency of each name in your list it will look like {2,4,2,3,3,4,4,3,4}, so LARGE({array},1) is the same as LARGE({array},2) and LARGE({array},3) and LARGE({array},4), what you actually need is, in this case, the 5th largest element of the array.

Adrewe-R thanks so much!!! Works perfectly. I would have never figured that out (at this point in my excel career)! How did you even know where to start? I have so much to learn.

To be honest initially I couldn't work out why LARGE({array},2) wasn't working, but looking at your test example using the Evalutate Formula tool made it clear, after that it was just a case of working out how to get the Nth largest element.