Is it necessary to wear a white shirt inside the graduation gown for Masters degree graduation ceremony? I have my graduation ceremony coming soon. The graduation dress usually consists of the gown, the hood and the mortar board. however the hand sleeves of the gown are a bit short and hence a full shirt is to be worn inside the gown (gown is black in color). In most pictures I see a white shirt within. Is it necessary to have white shirt or I can go for a blue or black one too?
Faculty do not ask and students do not tell what they wearing under the robes. 

Actually, I find that since graduations are in May, the robes are often swelteringly hot (especially PhD robes) in many parts of North America, so the lighter the clothes and the more sweat-resistant and breathable the better. Women can get away with wearing summer dresses. From what I can ascertain (remembering the Don't Ask/Don't Tell rule above), male students tend to wear khakis and comfortable dress shirts underneath. No need to wear long-sleeves if it's going to be hot.

Many students often change into other clothes for the receptions after graduation -- men into longer pants and a sport jacket, women don a light jacket or change into more formal attire. They often keep a change of clothes in their parent's car or in their advisor's office if the dorms are shut.

tl;dr: It's your graduation. No need to be uncomfortable.