Rank as more important (5)
I believe the answer is:
major
This clue is a double definition.
'rank' is the first definition.
(military rank)
'more important' is the second definition.
(I've seen this before)
'as' acts as a link.
(Other definitions for major that I've seen before include "Officer - of greater importance" , "5,27 [PRIME MINISTER]" , "Commissioned military officer" , "Conservative PM" , "See 11 Across" .)