Whenever there's an occasion like this (and hey, even when there's not), I bake! Thinking hard and quick about something simple to make for his class' graduation ceremony (that doesn't use peanut butter cups because there's peanut allergies at schools!), I made some little black squares out of fondant, then with some yellow royal icing, I attempted a dot in the middle, and a line outwards from it, to represent what a graduation hat looks like.
... I suppose it kind of worked!?
After piping plain white icing onto the mini chocolate cupcakes I'd made, I sat the graduation caps on top of the icing at different angles... And they looked like a miniature class of graduating cupcakes! Hehe.