Flash university snubbed peerless woman (7)

I believe the answer is:

monique

I'm a little stuck... Click here to teach me more about this clue!

'woman' is the definition.

'flash university snubbed peerless' is the wordplay.
I cannot quite see how this works, but
'flash' could be 'mo' (both can mean a very short period of time) and 'mo' is found within the answer.
'university' could be 'u' (abbreviation for university) and 'u' is found in the answer.
This explanation may well be incorrect...

Can you help me to learn more?

I've seen this clue in the Sydney Morning Herald.

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