Examination board perhaps give third degree to academics, rest failing (11)

I believe the answer is:

quizmasters

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'give third degree to academics rest failing' is the definition.
I can't tell whether this definition defines the answer.

'examination board' is the wordplay.
'examination' becomes 'quiz' (quiz is a kind of examination).
'board' becomes 'masters' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'quiz'+'masters'='QUIZMASTERS'

'perhaps' is the link.

Can you help me to learn more?

I've seen this clue in The Telegraph.

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