The basic steps are like this:
Pre-Candidate (PC)--> Candidate (C) --> Fully Acrredited (FA)
Sounds simple. Not really. In order to become PC, a school has to have a plan, a curriculum, faculty, sites, etc. And all of those have to be approved by the ACPE before the school becomes PC. I have been fortunate enough to see one school's PC application to the ACPE and it's very complicated. PC may sound bad to many applicants but actually the school is in quite good shape if it's granted PC. After the school obtains PC, it will start accepting students. For the next 1 year, it will teach based on the approved plan and the ACPE will do a site visit after 1 year. If everything is in order, the school will move on to be C and is able to maintain C status for up to 5 years. Of course, it doesnt have be 5 yrs, if everything goes well, after the 1st class graduates, the school will be FA. However, if after the 1st class graduates and ACPE is not happy the school still maintain C status until the 5 yr period is over. Now this is THE MOST IMPORTANT point here that many ppl do not understand. During the 5 yr period, you will see that the 1st class becomes PharmD while the school is still C, also the 2nd class, and prob the 3rd class (if the ACPE decides not to move the school to FA yet). What will happen to these PharmD? Based on the ACPE guideline, graduates from a C school has the same rights and privilages as those who graduate from a FA school. Therefore, these graduates will be able to take the NAPLEX and state exam, no problem.
Sorry for the long explanation but this is still a over-simplified explantion according to my limited understanding. You can call the school or even the ACPE directly if you have any question.