Wizards have a level from 1 to 4. The higher a Wizard's level, the more powerful they are.
Naturally, not all Wizards are equals – mastery of magic increases through dedicated practice. As one might expect, a thousand-year-old High Elf mage will likely have more magical power in their little finger than an upstart acolyte of one of the Imperial Colleges of Magic has in their entire body.
The higher a model's Wizard level, the more accomplished a spellcaster they are. A higher-level Wizard will know more spells than a lower-level Wizard. Similarly, they are able to put more power behind their spells and receive higher bonuses when attempting to cast them, as well as channel more power. There are four Wizard levels, each more powerful and learned than the next. If you're unsure what level any of your Wizards are, refer to the relevant Warhammer Armies book for details.