Prepare cake balls. Chill in refrigerator at least 2 hours. Make gradution hats with candy mold #90-13552. Attach mortar boards to cap with a small amount of melted candy coating. Using a small parchment bag filled with royal icing, make tassels on top of graduation hats.
Melt candy coating. It is best to do only three cake balls at a time while leaving the remaining balls in the refrigerator. This keeps the cake balls from getting to soft. Dip stick into melted candy coating and insert into cake ball; let set. Wait until candy is completely firm before dipping the pop into the candy coating. Take one cake ball at a time and dip into melted candy coating; gently tap the stick on the side of bowl to rid of excess chocolate. Place dipped cake ball in the sucker stand to dry. Continue with remaining cake balls.
Use melted candy coating in small parchment bag to attach candy eyes and to pipe dot nose, outline smiles, and create various hairstyles. Attach graduation hats with melted candy coating.