graduation exercise vs commencement

graduation exercise and commencement both are nouns.

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

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

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

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

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