graduation vs graduation exercise

graduation and graduation exercise both are nouns.

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

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

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

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

graduation (noun)	graduation 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