The college awarded Fallon both an earned bachelor's degree and an honorary doctorate, WXXA-TV in Albany reported. He joined 1,867 other new graduates for the ceremony in Albany, N.Y.
The new B.A. addressed his fellow graduates, warning them that the real world is "completely terrifying."
"Have you guys seen the movie 'The Graduate'? The real world is nothing like that," he added, telling them not to expect affairs with their parents' "hot friend."
Fallon moved to Los Angeles in 1995, when he was only a semester away from graduating, so he could be there during the television pilot season.
While the college did not make Fallon come back to Albany to take the courses he missed, officials say he earned his diploma, the (Albany) Times-Union reported. Fred Antico, head of the communications department, went to New York and gave Fallon an oral exam on what he learned during his years as a struggling stand-up comedian in Los Angeles, a "Saturday Night Live" star and most recently as host of "Late Night with Jimmy Fallon" on NBC.
"He's got a breadth of depth of knowledge that's adequate, actually that's more than adequate, to earning his degree," Antico said.