I think the ideal will vary by art. I know in mine there's a cirriculim: "know this material, move on to a new set of material", like subjects in school. In terms of internal rankings, I like this system.
In terms of external rankings; I wouldn't mind seeing something like you have in trades (apprentice, journeyman, master).
In terms of external rankings; I wouldn't mind seeing something like you have in trades (apprentice, journeyman, master).