Baud vs. bps might be better understood it you consider something like what used to be used for Centronics (parallel) printer cables, decades ago, compared to a serial RS232 connection.
To send a single 8 bit character, across a RS232 line, 8 bits would need to be sent, in sequence. Further, for framing purposes, each character would need a start and at least one stop bit. (NB: you might also use 2 or 1 1/2 stop bits [stop bits are a signal state in bit times, not actual bits, which is how/why you can have 1 1/2].) I.e. at least 10 bits on the wire per character, so on a RS232 link running at 300 Baud (where each Baud only had 1 bit), your transmission rate was 300 bps or 30 cps (characters per second).
Centronics used 8 parallel cables to carry an 8 bit character during one signal transmission. So, if your transmission rate was again 300 Baud, now your sending a whole 8 bit character per Baud, so your transmission rate is now 2400 bps (8 times 300) or 240 cps.
Later serial links encode more than one bit per Baud, much like what the Centronics printer cables did. So, as Giuseppe noted, 32 values would be encoded with 5 bits, so your bit rate, is Baud times number of bits per Baud.
