The need to incorporate graduate attributes as a pre requisite for incorporating activity based learning in commerce education is stressed in this report. Incorporating activity based learning is mainly intended to equip the graduates with specified attributes, derived from the expectation of various stakeholders. In higher education globally, graduate attributes are recognized as a critical outcome of a modern university education. The major universities and accreditation bodies have given prominent importance to graduate attributes, while designing program curriculum. Program curriculum is revised often to accomodate to suit industry expectations. The level of activity based learning in commerce education is based on its attainment of graduate attributes. This report reviews literature on graduate attributes and its importance in developing quality education. We summarize the report indicating the need for continuous industry-academia interaction, to decide on the level of activity based learning in commerce education.