Graduate

A "Graduate" is a person who had graduated from a Cadet at Starfleet Academy to being an Officer of Starfleet.

No longer a Cadet, a Graduate does not take classes at the Academy, but may have to wait around on Starfleet Academy campus until they receive an assignment.

They don't have to wait on a campus, and may also wait/serve on Starbase Alpha, or one of many local shipyards.