Status symbol that may give one the pip (5,2,4)

'may give one the pip' is the definition.
I know nothing about this answer so I can't tell whether this works.

'status symbol' is the wordplay.
I cannot really see how this works, but
'status' could be 'rank' (rank is a kind of status) and 'rank' is found within the answer.
'symbol' could be 'badge' (badge is a kind of symbol) and 'badge' is present in the answer.
The remaining letters 'of' is a valid word which might be clued in a way I don't understand.
This explanation may well be incorrect...

'that' is the link.

Can you help me to learn more?