The joke more properly reads, "What five-letter word does every Harvard graduate spell (or pronounce) wrong? The answer is "wrong."
The letters can be used to spell the 10 letter word conscience. They also spell the 9 letter words nicotines. They can be used to spell the 8 letter words connects, niceties, nicotine and nineties.
FOSEILPR can be rearranged to spell the word "profiles".
The letters can be used to spell the 4 letter words hoof and roof. They also spell the 3 letter words fir and for.
nutrients
The joke more properly reads, "What five-letter word does every Harvard graduate spell (or pronounce) wrong? The answer is "wrong."
Incorrectly
Oxford
Graduate.
To spell, and to find meanings
I think you mean graduate as in - I have one year to go before I graduate from University.
The correct spelling is "alumnus" (a male graduate of a school, with alumna being a female graduate).
Without a hyphen
The likely word is "exaggerated" (overstated or embellished).
The spelling is correct for "every world."The possible question "how do you spell every word" is unanswerable.
You spelled it correctly if you are seeking a possessive-- showing something the graduate owns. The graduate's diploma is on the desk. But if you are just referring to a plural (more than one graduate), you don't need the apostrophe: Many college graduates are looking for jobs now.
There is no 8-letter anagram, although the letter spell "a chiming."It is possible that one I should be a R, to spell charming.