apple does not have a set schedule. It depends on how many other apps are sending updates or new releases for approval. It also depends on which apps have rushed released status.Oh I see your really impatient and thanks for those meanings. Anyway I have asked admin the same question. Beta testing takes one week, approval by Apple takes one week. So in the end the end you have to wait half a month. Yes I was depressed to hear that too
On average, it takes about 1-3 weeks for apple to approve. Once it is submitted, its out of the admins/devs hands.