Tax expert Michael Steed announced as new AAT President; Mazuma entrepreneur Lucy Cohen named VP

Presidential pair share social mobility focus

LONDON, 25 October 2024 – The Association of Accounting Technicians (AAT) has announced Michael Steed and Lucy Cohen as its new President and Vice-President, succeeding Kevin Bragg who steps down.

The appointments bring together two established leaders with diverse paths to success but who share a common commitment to more accessible careers in accountancy and finance.

AAT CEO Sarah Beale welcomed the pair’s appointment: “Michael and Lucy's combined expertise will be invaluable as AAT scales up the implementation of our Strategy to 2030. Their unique perspectives will help ensure AAT both hears, and represents, our members effectively.”

“Their appointments, alongside our existing executive leadership team and our new skills-based Trustee Board, will further strengthen AAT's ability to serve our members and drive the profession forward in these dynamic times.”

Clear voice for AAT members

Michael Steed brings not only his expertise as a tax specialist, non-executive director, and lecturer, to the AAT Presidency: but also comes with valuable real-world experience as a career-changer, small accountancy practice owner, and as a customer of AAT’s products.

“I want to be a clear voice for AAT members, looking to how we can help them best tackle the myriad challenges that our profession is facing right now,” said Steed.

“As someone who has run a practice for a number of years, I understand first hand the pressures our members are under to stay relevant and deliver value for clients - pressures that are only growing.”

“I am completely aligned to AAT's social mobility mission and our commitment to throwing open careers in finance to all those willing to apply themselves in study and to act with integrity once they join the fold by diligently upholding our professional standards.”

“A person’s background or circumstance should never stand as barriers to joining our profession – that denies an individual of an opportunity and deprives our industry of much-needed talent.”

Steed said given the ‘critical demand’ for accounting technicians identified by Skills England earlier this month, a focus on accessibility also made sense to support economic growth.

From apprentice to leading entrepreneur, disrupter 

Serving alongside Steed will be Lucy Cohen, AAT’s new Vice-President.

Steed says the differences between the pair are in the reality a huge strength for their symbiotic partnership.

“While we represent different paths within the profession to success - myself as a career-changer-turned-expert and long-standing small practice owner, Lucy as an apprentice-turned-entrepreneur breaking new ground across the sector - we are both proof of the positive impact AAT can make in transforming lives. And we both share a strong commitment to driving forward AAT's social mobility mission,” said the President.

Lucy Cohen, who initially began her climb to success as an AAT apprentice, co-founded Mazuma at just 23 years old and worked to build her innovative subscription-based accountancy practice into a multi-million-pound business which now employs a team of 70 and serves 10,000+ SME clients. 

“I'm passionate about promoting equality in our profession and using innovative approaches to make amazing futures accessible for everyone,” said Cohen.

Throughout her entrepreneurial journey, Lucy has remained an active AAT member: “Every step of the way, AAT has been there – having my back when it counted,” Cohen said. “Now, I want to give back to my professional community by contributing my skills, experience and profile as part of AAT's top representative team.” 

“I've seen first hand the transformative power of AAT qualifications and the supportive role a professional body can play, especially for those of us who might not look like what most people think an 'accountant' needs to look like,” new Cohen said.

Exceptional member leaders

The presidential pair have another thing in common: they have both been recognised by their predecessors for outstanding contributions to AAT - long before they might have considered joining the rolls of presidential honour themselves. Steed was awarded the AAT Past Presidents' Award in 2004 for his services to the education and professional development of AAT members over a sustained period. Cohen received the AAT Past Presidents' Award in 2021 in recognition of her work as a vocal advocate for destigmatising mental health in the accountancy profession. 

Only one person is chosen for the prestigious award each year, making it an exclusive club of AAT members who have exemplified exceptional leadership and commitment.

Leaving legacies

Looking to the year ahead, Steed reflects on what success might look like: “If I had to pin down what success might look like, I want to be able to hand over the reins satisfied with my part in what will be, and can only be successful as, a collective effort. Fortunately, in Lucy Cohen I know there will be a safe pair of hands into which I'll be able to pass those reins over when the time is right.”

The Annual General Meeting also marks when AAT President Kevin Bragg stands down following a tenure that has seen ambitious reforms undertaken in AAT's governance and international positioning.

Members voted to adopt the changes Bragg had proposed alongside his AAT Council to establish a streamlined 12-person skills-based Trustee Board and a 50-person Members’ Advisory Council.

94.84% of voting members supported the proposals, with 1,586 votes in favour and just 84 votes cast against. Bragg said turnout was strong, showing members remained engaged with their Association.

“These governance changes are significant. They will lift AAT’s capacity for effective decision-making while also strengthening members’ voice,” said Bragg. Expressing faith in the new presidential team, Bragg said:

“As I vacate the driver's seat, I do so not with sadness but with excitement. I've witnessed growing levels of engagement, confidence, and collective ambition amongst our membership – both in these past 13 months and during my eight years on Council. I am filled with pride.”

“Our unique, professional community is stronger than ever.”