The University of Otago held two ceremonies on both Wednesday and Saturday, as well as a pair of ceremonies last weekend, all with about 300 graduands per graduation.
The Otago Polytechnic held two ceremonies on Friday as well, with about 250 in each group.
Graduations were postponed and cancelled throughout 2020 and 2021.
Bars and restaurants welcomed the boom in business, which was made stronger by the arrival of three cruise ships on Wednesday.
The graduations on Saturday saw about 300 commerce, law and commerce-mixed graduands receive their qualifications at 1 pm, followed by the ceremony for applied science, physical education, surveying, biomedical sciences, health sciences, education and teaching graduands at 4 pm.
The weather was overcast but calm, with only the smallest of raindrops falling on their graduation caps.
He finished his course that year, but could not get back over to graduate since, he said.
Instead of graduating in absentia, he put off getting his degree until he could have a proper celebration with his whole family, who had travelled internationally to be there.
Most of his family had come from Perth, but his grandmother had flown in from the United Kingdom.
It was "a bit of a mission" to get everybody to the ceremony, but he was "elated" to finally have his big day.
Although he had not received the official masters qualification, he had been working in the field as a marine scientist since his dissertation was published two years ago.
When it came time to get a job his work spoke for itself, so the official title did not matter, he said.
She said many people she knew had their ceremonies affected by Covid-19, but she was working towards her PhD throughout the lockdowns and finished at the right time to have a proper ceremony.
She was glad to finish her doctorate, but would not have been able to do it if she did not love what she was studying.
In hospitality, business seemed to be booming over the busy weekend.
Speights Ale House owner Mark Scully said tables for the graduation weekend were completely booked out.
"Certainly from our place we were booked out. Dinner on both nights, lunches have been great."
He said his business had traded between 20% to 30% above a normal weekend.
"It all helps, [the city] is definitely alive," he said.
Some bookings had people coming in the day before to get a table, but the Ale House was "always booked on graduation".
The next Otago Polytechnic graduation will be in March and the next University of Otago graduation in May.
