Regardless of how students handle the many academic challenges facing them, they all know that there will come a day when they will leave all the hurdles of scholastic achievement behind and tackle the triumphs and sorrows of true adulthood. One thing that many young people do not realise is that this often means leaving behind the friends that have been with them through their youth.

Source: AnimeNfo

Note: There are two different "Graduation" OVAs with two episodes each. Although both involve the same characters, this first one is more of a drama, while the second Graduation: Sailor Victory is more of a parody.

AniDB | ANN | AnimeNfo | MAL | TVDB

Alternative setting: Sailor Victory
Other: Sotsugyou M: Oretachi no Carnival
Alternative setting: Ojou-sama Sousamou
Sequel: Marriage
Other: Sotsugyou Next Graduation