graduation vs commencement exercise

graduation and commencement exercise both are nouns.

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

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

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

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

graduation (noun)	commencement exercise (noun)
the act of arranging in grades	an academic exercise in which diplomas are conferred
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