Is There a Graduation Ceremony?

I still go there, even if we can't go inside with our sim. It's nice seeing them group up with other graduates before entering, all wearing their graduation attire. Afterwards they still wear their robes, and you can go to a community lot to celebrate if you like. My sims still wore their robe when returning back to their hometown, so you might even throw a party there, but there's no set up / "throw grad party" event offered by the game. But hey, it's not that hard to gather a few friends at home or on town. I never bothered though, playing rotationally it's actually a "phew done" when they graduate, rather wanna go on playing other events.