graduation vs commencement

graduation and commencement both are nouns.

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

As nouns, graduation and commencement are synonyms defined as:

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

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

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