High school graduations are important events. It's not unusual for entire families to reunite when a child graduates, and the events are suitably grand. The main ceremony is typically followed by parties - anything from semi-official school parties to invite-only family get-togethers to more raucous events by groups of friends.
Graduation parties ofen include gifts. In many cases, these are not practical gifts but have some symbolic meaning for the graduate.
The graduation ceremony contains a number of speeches, including several by select students. High-achieving students can be given a place of honor as either a valedictorian or salutatorian. In many ceremonies, these students are required to give a short speech.
Traditionally, graduation speeches are about courage in the face of change.