graduation exercise vs graduation

graduation exercise and graduation both are nouns.

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

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

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

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

graduation 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