an act of graduating; the state of being graduated.
the ceremony of conferring degrees or diplomas, as at a college or school.
arrangement in degrees, levels, or ranks.

1375–1425; late Middle English graduacion < Medieval Latin graduātiōn- (stem of graduātiō). See graduate, -ion

nongraduation, noun
postgraduation, adjective
pregraduation, noun Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
graduation (ˌɡrædjʊˈeɪʃən)
1.  the act of graduating or the state of being graduated
2.  the ceremony at which school or college degrees and diplomas are conferred
3.  a mark or division or all the marks or divisions that indicate measure on an instrument or vessel

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

late 15c., in alchemy, "tempering, refining of something to a certain degree," from graduate (q.v.). General sense of "dividing into degrees" is from 1590s; meaning "action of receiving or giving an academic degree" is from 1630s; in reference to the ceremony where a degree is given, from 1850s.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
Graduation rates matter to politicians and college presidents.
As a professor, attending graduation ceremonies and parties is always a
  bittersweet experience for me.
Enrollments remained strong this year, and reported graduation rates didn't
Some of the differences in graduation rates between countries are striking.
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