A graduate laughs with her classmates during commencement at Crisler Arena on Sunday afternoon.

Melanie Maxwell | AnnArbor.com

This story has been updated with the accurate number of graduates at the ceremony

With a final singing of The Victors, 755 new University of Michigan alumni slowly filed out of Crisler Arena Sunday afternoon with degrees firmly in hand.

The commencement was marked by urges by administrators to graduates to use their education to better the world and to seek happiness in their lives moving forward. University President Mary Sue Coleman said graduation was just another step in lives that will be filled with accomplishments.

“This is one of the most memorable moments in lives that I know will be filled with remarkable events,” she said. “I hope you and your family feel the University of Michigan has enhanced you. We strive to give you an academic experience unlike any other and, if we have done our job, you will leave Ann Arbor a changed person.”

Graduates let out occasional screams and waves to family in the Crisler Arena seats as they walked to the stage to greet the deans of their respective colleges near the end of the ceremony.

The ceremony included some lighter moments as well, such as when Molly Wagner, a senior in the College of Literature, Science and the Arts, read some of her favorite quotes from her time as a student — all of which were written on bathroom stall walls on campus.

Wagner said it was time for her and her fellow students to go out into the world and begin putting their education to good use.

“It is time for us to leave,” she said. “It is time for us to make room.”

Of the 755 graduates at the ceremony, about 80 were earning their doctorate degrees.

Daniel Kahneman, professor of psychology and public affairs from Princeton University and a Nobel Prize winner in economics, delivered the commencement address.

He spoke about his concept of the “focusing illusion,” which he said occurs when people believe something will make them happy, despite it having no effect on their overall psyche. He said working with U-M students was a part of developing his theory.

Kahneman was also a visiting scientist at U-M in 1965 and 1966.

He said it was important for graduates to keep goals like wealth and material possessions in check and told them remembering that time spent with loved ones was as, if not more, important.

“People exaggerate how much wealth matters,” he said. “It does matter a little, but not as much as people will make you believe. … Nothing in life matters as much as you think when you’re thinking about it.”

Kahneman was awarded an honorary degree as a doctor of science, along with Sandra Faber. Charles T. Munger was awarded the honorary degree of doctor of laws.

A graduate checks out his cap using his cell phone during commencement at Crisler Arena on Sunday afternoon.

Melanie Maxwell | AnnArbor.com

Munger studied at U-M and is the vice-chairman of Berkshire Hathaway Corporation, which is chaired by renowned billionaire Warren Buffet. He is also the chairman of Wesco Financial Corporation in Pasadena, Calif.

U-M Regent Andrew Richner said Munger helped change the way the Americans view economics.

“Through your vision of the financial marketplace, you have altered the way our country views economics, and you have brought a visionary spirit to our campus,” Richner said.

Coleman said much had changed during the graduates’ time at the university, and that change would be one of the few constants in their lives going forward, along with the stability granted by their education.

“The pace and magnitude of changes will be immense and at times overwhelming,” she said. “Your U of M education will always serve you well.”

Kyle Feldscher covers K-12 education for AnnArbor.com. He can be reached at kylefeldscher@annarbor.com.