418. Now, it is generally accepted that no college or university can finish educating its students by the time they graduate.
本句利用主语从句避免了人称做句子主语，类似的用法还有it is widely/commonly/generally/universally believed/accepted/held/thought/acknowledged that...。by the time在此处意为“在……之前”，如：
By the time our teacher came in，we had started speaking English.
除此之外，by the time还有“这时候，在此时”的意思，相当于at the/that time，如：
By the time he had lost contact with the Party.
It is generally acknowledged that the young children and the elderly are the most overlooked members of the community.
It is commonly thought that our society had dramatically changed by modem science and technology, and human had made extraordinary progress in knowledge and technology over the recent decades.
It is widely acknowledged that computer and other machines have become an indispensable part of our society.