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2-4 Months. 12 Months. Of course, the shelf life of M&M's is shorter if they are not stored properly. But remember that M&M's, like a lot of other sweets, usually have a best before date and not an expiration date. Because of this distinction, you may safely use them even after their best before date has lapsed.
M&M Mars and Hershey brand candy both had different, indecipherable codes on the back which tell the expiration date. After calling the 1-800 number and finding out what the codes meant, we discovered that most of our candy stock was expired by a year or more. We even found candy that went bad from 2004.