Preheat oven to 350 degrees. Line 24 standard muffin cups with paper liners.
Prepare cake mix and bake as directed on the box for cupcakes; cool completely.
Using a piping bag fitted with a 2A round tip, pipe frosting onto cooled cupcakes.
Pull Twizzlers apart, into individual ropes. Cut each rope into 2-inch long pieces. You will need 48 pieces, two for each cap; set aside.
In a small microwave safe bowl, melt the chocolate chips on high for 1 minute, stir until melted. Pour into a small re-sealable plastic bag. Cut a tiny corner from the bag, this will be your “glue.”
Un-wrap the chocolate squares and peanut butter cups. Place all the peanut butter cups upside-down on two trays. Squeeze some “glue” (melted chocolate) on top of each peanut butter cup and place a chocolate square on top to create the “cap.”
Use a dab of “glue” (melted chocolate) to attach the M&M candies and Twizzlers “tassels” to the top of each “cap.” Refrigerate for 5-10 minutes, until the “glue” (melted chocolate) has set.
Top each frosted cupcake with a graduation cap.
Cook’s Note: If traveling, do not place chocolate caps on top of cupcakes until you arrive, they may slide off during transportation. Instead assemble at your destination.