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There is no requirement to rank. Some may do it but I would guess that most don't because you don't want to delaying entering someone's interview until you finish all of your interviews. Obviously, if you only have a couple of candidates and/or manage to get all of your interviews done quickly and close together in time, ranking might work.
Also, you can always go back and submit another interview. Thus, if at the end of the process, you realize that your first student was the best, you could "add" that to the system. Personally, I think it's just as easy to include a comment such as, "Jane is the best candidate I've interviewed in the past three years" or "compared to all of the candidates I've interviewed in the past three years, I would place Joe in about the middle."
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