Source : Webster's Revised Unabridged Dictionary (1913)

Preferment \Pre*fer"ment\, n.
   1. The act of choosing, or the state of being chosen;
      preference. [R.]

            Natural preferment of the one . . . before the
            other.                                --Sir T.
                                                  Browne.

   2. The act of preferring, or advancing in dignity or office;
      the state of being advanced; promotion.

            Neither royal blandishments nor promises of valuable
            preferment had been spared.           --Macaulay.

   3. A position or office of honor or profit; as, the
      preferments of the church.

Source : WordNet®

preferment
     n 1: the act of preferring; "the preferment went to the younger
          candidate"
     2: the act of making accusations; "preferment of charges"