Graduate wrapping article, current fad (5)
I believe the answer is:
mania
'fad' is the definition.
(thesaurus)
'graduate wrapping article current' is the wordplay.
'graduate' becomes 'ma' (abbreviation for Master of Arts**).
'wrapping' indicates putting letters inside.
'article' becomes 'an' (indefinite article).
'current' becomes 'i' (symbol for electric current).
'an'+'i'='ani'
'ma' enclosing 'ani' is 'MANIA'.
(Other definitions for mania that I've seen before include "A (violent) mood disorder" , "Insanity" , "Frenzy" , "Craze; overexcitement" , "wildness" .)