To a degree, the agent works for the tycoon (7)
I believe the answer is:
magnate
'the tycoon' is the definition.
('magnate' can be a synonym of 'tycoon')
'to a degree the agent works' is the wordplay.
'to a degree' becomes 'ma' (Master of Arts is a type of degree).
'works' is an anagram indicator (letters worked into a new form).
'agent' with letters rearranged gives 'gnate'.
'ma'+'gnate'='MAGNATE'
'for' acts as a link.
(Other definitions for magnate that I've seen before include "Mogul" , "Tycoon" , "Wealthy or powerful businessman" , "Wealthy figure" , "Wealthy business leader" .)