British Standard 5839 states that the test should be undertaken for a maximum period of one minute.
I'm guessing that the one minute period was selected to allow a person sufficient time to set off a call point and return back to fire alarm panel to initiate a reset.
It may also be designed to ensure fire wardens or other assistants have sufficient time to check all sounders in their areas are working etc
If there are two persons doing the test (i.e; one person at the call point, and a colleague standing by at the alarm panel to reset) then I normally recommend that the alarm is sounded for about 10 seconds to avoid too much annoyance or disruption to staff.
But again it does depend on the circumstances, you may need more time due to some of the reasons descirbed above. Eitherway the maximum is 60 seconds.