This was, in fact, more boring than a funeral and no one went six feet under. I've no idea why the thing was held at a church, and at the time I had no idea why the people around me were crying. Later I was told that they were most likely sad about the end of phase in life and the following loss of friends. There was also some woman who gave a long (an hour or so), boring speech about what she thinks about the EU (or something like that, I was playing that worm game on my cell phone and not really listening).
Then they started calling people to the, uhh, "stage" one by one, gave most of them a hat (I was the only hatless one), and upon receiving this hat people were to bow to the audience and return to their seats. Some people also received scholarships (money money money). The ceremony ended with a group shot of everyone else with their hats on and me without one.

Not in the ceremony (though there was at least one loud drunk in the audience). I don't drink anyway, and didn't take part in any of the student parties that followed, but most people drunk themselves silly and beyond. I wouldn't be one bit surprised if some needed hospital treatment.