The phrase "fewer graduates" means that there is a smaller number of people who have successfully completed their education and earned a degree or diploma. Full definition
Some universities or departments have said that they expect to take fewer graduate students this year. (sciencemag.org)
This may put pressure on expanding businesses seeking highly - skilled employees, with fewer graduates entering the labour market. (hays-index.com)
It's important to be aware that few graduate programs in psychology, social work or counseling are designed to provide the training and supervision necessary for being an effective couples therapist. (psychcentral.com)