commencement vs graduation exercise

commencement and graduation exercise both are nouns.

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

As nouns, commencement and graduation exercise are synonyms defined as:

commencement and graduation exercise: an academic exercise in which diplomas are conferred

Other synonyms of commencement include commencement ceremony, commencement exercise, graduation.

commencement (noun)	graduation exercise (noun)
the act of starting something	an academic exercise in which diplomas are conferred
an academic exercise in which diplomas are conferred
the time at which something is supposed to begin