What is the average wait time for processing applications?

Have you talked to a Recruiter who has the best information?

If you have less than a year left for your Master's degree I'd say you are good to apply now.

Think in terms of Fiscal years. There is usually a process designated for each branch to go through a direct commission selection process, and that is usually once a year. Then next is going to be the "timing" of that process. The only ones that would feel like the process was fast were those that put a packet together at the last minute.

If everything goes smoothly I'm confident in saying it wont be more than one fiscal year. Where things end up taking longer are push back in the process that drag out a candidates process on an individual basis.

If things carry over multiple fiscal years then odds are a packet had to be resubmitted in which case I wouldn't count that as a multiple year process. I would count that as a lesson learned experience for the next year.

I failed to get selected my first time. I was selected my second attempt. So, bear in mind, when I submitted my second packet all I needed were updated Letters of Recommendations and my current fitness score card. So I literally submitted a packet at the front end of the process in which I was selected.

1) Packet submitted DEC-2013
2) Notified of selection SEP-2014

From start to finish I was selected for commissioning in the Fiscal year of 13/14

So from the army's point of view it was done inside 9 months in a single fiscal year.

The catch was I had to complete a commissioning medical exam on my own. I was given 6 months to complete that task. Going back and forth it literally took all 180 days, and on day 180 I finally got the e-mail ALL WAIVERS APPROVED. I then hauled ass to my unit and sworn in with the BN XO. THAT day was effectively my date of commission. But now It's MAY-2015.

So while I could have been commissioned in FY14 if my first pass medical exam checked all the boxes the process pushed me out to the next FY15.

From my point of view my first attempt was FY13
The army sees it as me being selected in FY14
I didn't get sworn in until FY15

*******
Now, the big deal about having not commissioned right after I was selected cost me an entire fiscal year, and spending time as a 1LT an extra year.

Start now on your application. Depending on your branch of choice its easily a year.

I went through a 5 year application process but thats a long story :)