Etymology
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graduation (n.)

early 15c., in alchemy, "a tempering, a refining of something to a certain degree; measurement according to the four degrees of a quality," from graduate (n.). General sense of "a dividing into degrees" is from 1590s; meaning "action of receiving or giving an academic degree" is from early 15c.; in reference to the ceremony where a degree is given, from 1818.

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Definitions of graduation

graduation (n.)
the successful completion of a program of study;
graduation (n.)
an academic exercise in which diplomas are conferred;
Synonyms: commencement / commencement exercise / commencement ceremony / graduation exercise
graduation (n.)
a line (as on a vessel or ruler) that marks a measurement;
the ruler had 16 graduations per inch
graduation (n.)
the act of arranging in grades;
Synonyms: gradation
From wordnet.princeton.edu