Entry-level numbers are post-BS, post-MS or post-PhD?

Trying to understand the lingo here, lots of posters on entry-level offers from FANG. Is this entry-level referring to just finished undergrad CS degree, or is masters included? PhD? Also curious to know what entry-level is for PhD holders at Amazon (L4? L5?) or Microsoft (61? 62?) Does prior research experience count?

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Microsoft Trovador Aug 14, 2018

Undergrad or Masters. Nobody gives a shit about masters

Lazard fin/tech Aug 14, 2018

No one cares about a masters, they might get a pity base bump but that's it. A PhD comes in at one level above UG/MSc

Uber tROh00 Aug 15, 2018

By the time a PhD graduates the undergraduate of the same age is already senior level and owning a house maybe.