Graduates accept one has prejudice (4)
I believe the answer is:
bias
'prejudice' is the definition.
('bias' can be a synonym of 'prejudice')
'graduates accept one' is the wordplay.
'graduates' becomes 'bas' (I've seen this in other clues).
'accept' is an insertion indicator.
'one' becomes 'i' (Roman numeral**).
'bas' enclosing 'i' is 'BIAS'.
'has' is the link.
(Other definitions for bias that I've seen before include "Favouritism" , "Large city in Florida" , "(Bowls) irregular shape" , "Unfairly influence" , "One-sided prejudice" .)