baccalaureate vs graduation exercise

baccalaureate and graduation exercise both are nouns.

Word	Noun	Adjective	Verb	Adverb
baccalaureate	Yes	No	No	No
graduation exercise	Yes	No	No	No

baccalaureate (noun)	graduation exercise (noun)
an academic degree conferred on someone who has successfully completed undergraduate studies	an academic exercise in which diplomas are conferred
a farewell sermon to a graduating class at their commencement ceremonies