The most common and most likely answer to this crossword clue is the 8 letter word PAYGRADE
P
A
Y
G
R
A
D
E
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The straight part
We know that "rank" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case rank = paygrade.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does PAYGRADE mean?
PAYGRADE noun- A level indicating a base salary (in the US applying to military and government employees).
- Level of authority or responsibility (since pay rate, authority and responsibility generally increase similarly).