I believe it depends on the industry you work. At the end it comes tumbling down to the value you add. In certain sectors is more important that you know the business inside out, and in others your level of technology expertise.
For instance, here in Tijuana we have a lot of manufacturing plants, and in many work people who have written applications crucial for the plant operation, but they wouldn't be considered senior in a software house mainly because they are not up to date with new technologies. But they provide a lot of value for their companies and get rewarded accordingly
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