Graduand refers to the status of an undergraduate or graduate

Graduate school

A graduate school is a school that awards advanced academic degrees with the general requirement that students must have earned a previous undergraduate degree...

 student in the United Kingdom

United Kingdom

The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...

 and certain Commonwealth

Commonwealth of Nations

The Commonwealth of Nations, normally referred to as the Commonwealth and formerly known as the British Commonwealth, is an intergovernmental organisation of fifty-four independent member states...

 states who has finished his or her studies at university

University

A university is an institution of higher education and research, which grants academic degrees in a variety of subjects. A university is an organisation that provides both undergraduate education and postgraduate education...

, but not yet graduated in a formal ceremony.

After the ceremony, the graduand becomes a graduate

Graduation

Graduation is the action of receiving or conferring an academic degree or the ceremony that is sometimes associated, where students become Graduates. Before the graduation, candidates are referred to as Graduands. The date of graduation is often called degree day. The graduation itself is also...

.

This term is rarely used in the United States, but is often heard in Australia and New Zealand.