Back in March at the Facebook Marketing Conference, the company announced that they would soon give page owners a little more flexibility in choosing which page admins are tasked with what responsibilities by unveiling five different access levels for admins. This structured system would replace the blanket privileges that all admins have, allowing page owners to grants a certain level of access without giving up the whole pie.
Now, the new admin structure is live.
Page admins can have 5 different roles, each with different abilities. Only managers can change what kind of admin someone is. All admins are managers by default.
The top dog is Manager, followed in amount of privileges by Content Creator, Moderator, Advertiser, and Insights Analyst. Here's a chart they provide that tells us what each level will have access to
As of right now, you can't make custom admin levels - for instance you can't give an "Advertiser" an extra privilege like the ability to respond to comments.[h/t Inside Facebook]