baccalaureate

noun

1. the degree of bachelor of arts, bachelor of science, etc.
2. ☆ an address or sermon delivered to a graduating class at commencement
   also baccalaureate address (or sermon)

Origin: ML baccalaureatus; as if < L bacca laureus, laurel berry, but actually < ML baccalaris, vassal farmer, young nobleman seeking to become a knight < ? Gaul *bakalākos, a staff-bearer, shepherd < L baculum, staff