Meaning

noun a farewell sermon to a graduating class at their commencement ceremonies

noun an academic degree conferred on someone who has successfully completed undergraduate studies

originFirst attested in 1625; borrowed from French baccalauréat, from Medieval Latin baccalaureātus, from Medieval Latin baccalaureus, an alteration made to baccalārius (“young man aspiring to knighthood, apprentice, bachelor”) for it to resemble bacca lauri (“laurel berry”) (the ancient symbol of victory). See bachelor and -ate (forms nouns denoting rank or office).

Etymology from Wiktionary, CC BY-SA 3.0