The F composite fading model was recently proposed as an accurate and tractable statistical model for the characterization of the composite fading conditions encountered in realistic wireless communication scenarios. In the present contribution we capitalize on the distinct properties of this composite model to evaluate the achievable effective rate over F composite fading channels. To this end, we derive an exact closed-form expression for the effective rate, which is subsequently used as a benchmark for the derivation of tight upper and lower bounds, as well as of an accurate approximation. The derived analytic expressions are provided in closed-form and benefit from being tractable both analytically and numerically. This enables the development of meaningful insights on the effect of fading conditions and/or latency on the overall system performance. Also, it allows the accurate quantification of the signal to noise ratio required in target quality of service requirements under different composite fading conditions.