We can leave school at 16 by choice. If you leave at 18 you have completed 2 voluntary years of education.
Schoolkids celebrate leaving school, end of exams etc with their peers if at all. It's just not a formal occasion.
Also, exams are at the end of the summer term and those sitting them - 16 and 18 year olds - don't attend daily school. For example my last day in school was June 20th, my last exam July 11th. I didn't see many of my classmates from June onwards. We had a Last Exam get together, but only those taking History came because no-one else was in that day.
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