Local Admin Password

I think you may be confusing 'management account' and 'administrator account.'

Generally speaking, the 'management account' is the account used by Jamf Pro to execute management tasks on managed devices. Personally, I think best practice is to have this password set to a random value on all managed devices (Jamf Pro will know what the password is, and that is all that is required.):

As for the administrator account, if you so choose, you can set this to a fixed value in the PreStage enrollment (in 'Account Settings,' check the 'Create an additional local administrator account' checkbox:

One could argue that having and using a local admin account on a managed device is a bit of a security risk. If you type a shared admin password on an untrusted device, you run the risk of having that password captured by a key logger. Devices outside of your direct control should always be considered untrusted. If the device is managed, you shouldn't need to ever access the device directly.

Just my $0.02

the 'management account' is the account used by Jamf Pro to execute management tasks is slightly misleading, it is only used for Filevault changes and something I can't remember... The binary or MDM performs most operations.
As for a separate admin account a lot of people don't use one now for security reasons. Also with secure token it's a PITA getting it all to work, especially with 10.15 coming up when it just won't work probably. FV password is available in Jamf so you can always unlock a device if user forgets their password.

Thanks for the response guys! Very helpful. You are right, we are using a management account. Do you happen to know why we would get getting "Error: The Management Account Password Can't Be Changed" when running our policy to change the password. Attached is a photo of our settings.

@Raiders18 Did you ever get this resolved? im in the same boat on Catalina with fv2 enabled (for context).