Sir Paul McCartney led graduation celebrations at the "fame" school he set up in his home city.
Liverpool Institute of Performing Arts (Lipa) opened in 1996.
Alongside graduating students, actor John Hurt, Grammy winner Cathy Dennis and composer Nitin Sawhney were made honorary Companions of the Institute.
Other Companions included record producer Trevor Horn, music industry lawyer Ann Harrison and choreographer Lea Anderson.
Sir Paul, 66, who remains lead patron of Lipa, gave a speech to the graduates before they were presented with their certificates.
Lipa offers degree qualifications in acting, dance, music and theatre studies.
Lipa Companionships are awarded in recognition of contributions to the world of arts and entertainment.
A spokeswoman for institute said: "All Companions are also committed to sharing their expertise with Lipa students and most have provided masterclasses at the institute."
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