I did a time on my script and this is what I got:
$ time <myscript>
real    7m5.458s
user    0m7.444s
sys     0m3.748s
$
which means that it ran for 7 minutes and 5.458 seconds.
What do the user and sys times tell me?
The real time is the wall clock time. The user time is the amount of time spent executing the code while not waiting for resources (I/O, network, etc.). The sys time is the time spent by the kernel on behalf of the program, e.g., executing system calls.
It's the amount of time actually executing code, as opposed to waiting on I/O or etc., in the program itself and in the kernel respectively.