In the noisy cellular environment, RNAs and proteins are subject to considerable stochastic fluctuations in copy numbers over time. As a consequence, single cells within the same isoclonal population can differ in their expression profile and reside in different phenotypic states. The dynamic nature of this intercellular variation, where individual cells can transition between different states over time makes it a particularly hard phenomenon to characterize. Here we propose a novel fluctuation-test approach to infer the kinetics of transitions between cell states. More specifically, single cells are randomly drawn from the population and grown into cell colonies. After growth for a fixed number of generations, the number of cells residing in different states is assayed for each colony. In a simple system with reversible switching between two cell states, our analysis shows that the extent of colony-to-colony fluctuations in the fraction of cells in a given state is monotonically related to the switching kinetics. Several closed-form formulas for inferring the switching rates from experimentally quantified fluctuations are presented. We further extend this approach to multiple cell states where harnessing fluctuation signatures can reveal both the topology and the rates of cell-state switching. In summary, our analysis provides a powerful approach for dissecting cell-state transitions based on a single time point measurement. This is especially important for scenarios where a measurement involves killing the cell (for example, performing single-cell RNA-seq or assaying whether a microbial/cancer cell is in a drug-sensitive or drug-tolerant state), and hence the state of the same cell cannot be measured at different time points.