Graduate pinching old stole (3)
I believe the answer is:
boa
'stole' is the definition.
(both can mean a type of scarf)
'graduate pinching old' is the wordplay.
'graduate' becomes 'ba' (someone with a Bachelor of Arts degree).
'pinching' is an insertion indicator (taking inside).
'old' becomes 'o' (common abbreviation eg in OE for Old English).
'ba' placed around 'o' is 'BOA'.
(Other definitions for boa that I've seen before include "Fluffy scarf of feathers" , "Potential killer" , "Long, thin, feathery scarf" , "Large constrictor snake" , "One covered in scales" .)