We have similar gradings:
Entry Level:
Straight out of education or off the street; shows programming ability, but lacks language\business experience. Someone we want to spend money and time on to train up. Much input needed to this person.
Junior:
Has some business experience and knows the development language, but maybe not the arena we're working in. Needs more experience and training. Can work on small developments by themselves, but need supervision and guidance.
Mid-level:
Knows the business arena and has good knowledge of the development language. Can work on small developments unsupervised, larger developments with guidance and be part of a team for large developments. Requires code reviews and training to get to next level.
Senior:
Someone who knows a wide range of the business arena or is a specialist in an area. Expert in language. Can work on most levels of code unsupervised and requires minimal guidance. Can guide lower grades. Interested in furthering product and practices as well as 'doing the job'. Uses initiative.
We then have two further grades:
Team Leader:
For those wanting to branch out into management and leave the coal-face behind.
Architect:
For those wanting more freedom and control, but still be developing and\or involved with the direction of the product at a technical level.
To progress up the grades requires experience mainly.
Entry->Junior
Must develop small packages to the correct standards. Must be able to demonstrate some knowledge of the business arena. Basically, they must show willing to learn and ability to learn. Usually 1-2 years.
Junior->Mid-level
Must be able to demonstrate that they code to standard most of the time and can work on larger pieces of development. Must show good abilities in the business arena (i.e. by working with internal\external customers). Usually 1-3 years. Sometimes forever.
Mid-Level->Senior
This one is the difficult one - the person must show command of the language, be able to develop larger projects, deal with customers and be starting to guide others. In simple terms, this person is showing signs of being a guru. Senior level is an elite status.
Senior onwards
This tends to be a co-operative move from both the person and the business. They must show willingness to move on and tackle new areas. Many do not get to this - they're happy being a guru.