What is Privilege Escalation?

At it's core, Privilege Escalation usually involves going from a lower permission account to a higher permission one. More technically, it's the exploitation of a vulnerability, design flaw, or configuration oversight in an operating system or application to gain unauthorized access to resources that are usually restricted from the users.
Why is it important?
It's rare when performing a real-world penetration test to be able to gain a foothold (initial access) that gives you direct administrative access. Privilege escalation is crucial because it lets you gain system administrator levels of access, which allows you to perform actions such as:
Resetting passwords
Bypassing access controls to compromise protected data
Editing software configurations
Enabling persistence
Changing the privilege of existing (or new) users
Execute any administrative command
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