What's in a job title?

Associate, Analyst, Consultant, Manager, Director, Executive, Assistant..... What is in a job title?

At the moment, I can either let people know that I'm head of my department here (to get the ooh's and wow's) because that elicits an impression of heading a department of 10 people. Or quickly add that I am the only person in my department since my team lead is on holiday (to put some context around it). So really, I am the Analyst/Assistant/Executive/Lead - pick whichever title suits the occasion; it doesn't matter because they're the same. Would it be wrong to do one or the other? I prefer to point it out in case people think my opinion is the 'be all and end all'.

I remember being impressed by someone I know who announced himself as Chief Editor, then someone pointed out that he was the only person in the team - so he is the journalist/editor/chief editor all in one. I looked at an organisational chart once which had six managers names' - I then proceeded to ask how big their teams were and who reported to them. They gave me a blank look - yes, they are managers but no, they don't have a team - it's just them. At that time, I had the stereotypical view of a Manager being well, a Manager to a team of people. I know better now - 'Manager' is a title that can be used generically from managing people to managing technical infrastructure.

Some people strive for a job because of the job title. An ex-colleague persuaded me to join his firm. He told me money would not be an issue (which I took in with a BIG bowl of salt!) and I'll get a better title. But when he started talking about the job responsibilities, it was no different to what I currently have. So why would I uproot from my current firm where I have spent reasonable time structuring my career and ensuring that most of the right people know my career path, to start from scratch again at a different firm? Perhaps I may be paid more to start with, but that's not a long term view. The title would sound more impressive when I introduce myself at networking events, but it's just a title.

When I met another ex-colleague, we compared notes on some of the job titles in the firm I'm with, with her current company. Executive, in our firm, refers to someone with 3 to 6 years experience (different to the Executive Board, which is of course the 'powers-that-be'). In her current company, Executive is the level of a Director. When I carried out a project in US, I was meeting Vice Presidents of this particular company - which I had thought meant that they were on the Executive Board. I then realised that they would actually be the level of Senior Managers in my firm. Important people, no doubt, but not the Executive Board equivalent I had in my mind.

Interesing how job titles can mean so much yet so little at the same time.... Does it actually matter?