commencement exercise vs graduation

commencement exercise and graduation both are nouns.

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

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

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

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

commencement exercise (noun)	graduation (noun)
an academic exercise in which diplomas are conferred	the act of arranging in grades
	the successful completion of a program of study
	a line (as on a vessel or ruler) that marks a measurement
	an academic exercise in which diplomas are conferred