Graduate regularly neared elevated ambition (5)
I believe the answer is:
dream
'ambition' is the definition.
(I know that ambition can be written as dream)
'graduate regularly neared elevated' is the wordplay.
'graduate' becomes 'MA' (abbreviation for Master of Arts).
'regularly' means one should take alternating letters (regularly take one letter, leave next etc.).
'elevated' says the letters should be written in reverse (in a down clue, letters go up).
The alternate letters of 'neared' are 'erd'.
'ma'+'erd'='maerd'
'maerd' in reverse letter order is 'DREAM'.
(Other definitions for dream that I've seen before include "Somniate" , "Cherished hope; fantasy" , "Fancy (usually 7)" , "Perfect" , "Distant ambition" .)