50candy-coated milk chocolate pieces (such as M&M's®)
Instructions:
Slice licorice candy whips into 2-inch pieces, then separate them to create delicate strands. Set aside.
Create a small mortarboard by placing an upside-down miniature peanut butter cup on a work surface and topping it with a dab of frosting. Center a chocolate-covered graham cracker cookie on the frosting and gently press it onto the peanut butter cup.
Dollop a bit of frosting in the center of the graham cracker cookie. Attach a red licorice string as a tassel, draping it over the edge. Place a candy-coated milk chocolate piece on top to create a button.
Continue the process with the rest of the candies and cookies to create a total of 50 graduation caps with tassels.