No, you only need the first level, Technician. With that you can legally do 100% of what a Baofeng can do.

There isn't a single license that will allow you to LEGALLY do 100% of what the Baofeng can do.

In my opinion, this radio offers a TON of capability to transmit (TX) outside normal limits in an emergency given the following capabilities:
1. Technician HAM license: UV-5R can be configured for the 2m/70cm Ham bands
2. GMRS license: UV-5R can be configured to the GMRS freqs at 5W
3. FRS...: No license available, and UV-5R can be configured to FRS at ILLEGAL TX power of 5W. Limit is 0.5W
4. MURS: No license required, but UV-5R can hold all 5 MURS freqs and associated tones and TX at an ILLEGAL 5W. Limit to 2W.
5. Marine: No license required*, but UV-5R can be configured for all marine VHF channels (but who needs more than CH16 and a couple of other GoTo channels like CH68/CH69 & CH13 for collision)
6. Air band license: Using CHIRP software, UV-5R can be tweaked down to allow RX/TX on civilian air band freqs (~121MHz). I have mine tweaked down to allow RX/TX on 121.5MHz "Guard" frequency in case of emergency, since it's too late to tweak that setting on the radio when SHTF (NEED software). I assume it can also be tweaked to allow RX/TX on the MILAIR bands ~243MHz, but MILAIR monitors 121.5 so it's a moot point.