Charles Weinstein was six years old when he decided he would become an accountant.
He got the inspiration from his mother, an "old-school" bookkeeper, who would come home once a month with the same concern: The accountants were coming and she had to be ready. These accountants certainly sounded very important to maintain a business, and that was something that Weinstein wanted to be a part of.
Decades later, Weinstein is the CEO of
"To be a great leader, you have to have integrity, honesty, an ability to communicate a sense of fairness, and a deep appreciation for the gifts that people have," said Weinstein. "I'm a great believer in osmosis, and spending as much time as you can with strong role models will allow you to acquire those skills."
When it comes to being an advisor, Weinstein believes that curiosity is essential to ask informed questions. Accountants must be great listeners and communicators, able to connect a lot of different dots and apply their knowledge to help clients achieve success. It sometimes includes delivering difficult news to people about their business, and it was Weinstein's mentor who gave him the best advice to navigate this difficulty: Sometimes, you just need to tell the unfiltered truth.
Weinstein says he had the opportunity to rely on several mentors during his career, but those who made the deepest impact were the late Ted Levine and his partner Dick Eisner, who founded the firm in 1963. He said he wouldn't be the professional he is today without their input and experience. Weinstein remembers Levine as the smartest person he ever met, with an inspiring ability to think outside the box and find a creative solution for each problem. As for Eisner, Weinstein describes him as an empathetic individual who had an "amazing" sense of urgency when it came to deadlines, and yet found the time to know everyone's name and life story.
"When I interviewed Charly in 1989, I immediately offered him a position, which he accepted," Eisner told Accounting Today. "When the firm he was with, which was much larger and more well-known than ours, then offered him a partnership, Charly declined and told them he would honor the agreement he had made with us. Subsequently, he conducted himself with the same kind of integrity in all his activities at our firm.
1+1=5
Among his many achievements, Weinstein gained widespread notice for overseeing the merger between Eisner LLP and Amper, Politziner & Mattia in 2010, which was recognized as the Deal of the Year by the Association for Corporate Growth. According to Weinstein, the deal was particularly important because both firms had strong technical skills and deep market concentrations, whose combination allowed them to develop new businesses and reach organic growth. He said that the merger improved the firm on many levels, proving that "one plus one truly equals five."
Building a new culture out of the merger proved to be more difficult than anticipated, and Weinstein discovered that even similar firms could have different practices. He said that keeping a high level of comfort for all partners and putting them on a path to success was challenging, but essential for a smooth transition.
Weinstein's contribution to the firm transcends borders as he helped found
According to Weinstein, it was only a matter of time until other firms with similar capabilities took an interest in EisnerAmper's clients, and he considered it critical to provide expert advice to their international audience. As a result, he said, the firm has gained an "extraordinary" amount of business and solidified its leadership position in terms of global capabilities.
In addition to his numerous responsibilities at the firm, Weinstein is a member of the New York State Society of CPAs and the American Institute of CPAs. He is also involved in the Legal Aid Society of New York City and the Partnership for New York, where he serves as a chair for their audit committees. He feels an obligation and responsibility to give back to the profession for "everything that it's given [him]," and he takes a lot of pride in giving back to his community. Learning from other accounting leaders at the AICPA, in particular, proved to be the most enjoyable experience.
"Charly is a strategic thinker," said AICPA president and CEO Barry Melancon. "His interests when on the board clearly revolved around long-term strategy and impact on the future of the profession. Human capital, evolving services, and expectations of the profession all are high-interest areas for Charly. He has built an entrepreneurial firm that has a great balance of innovation tied with commitment to quality and the public interest."
A lifeline
One of Weinstein's signature accomplishments is receiving three different offers of partnerships before he turned 30, but that's not how he wants to be remembered. Referring to his wife and children as his "greatest pride," Weinstein wants to be the friend people call on "Who Wants to Be A Millionaire?" — a dependable and well-learned contact who you can reach out to when you need guidance.
A frequent speaker for professional audiences and a former lecturer on ethics for public accounting, Weinstein is used to helping accountants reach their goals. His first advice for professional success is to read as many business books as possible to keep in touch with relevant trends, and Weinstein himself regrets not taking the time to truly read until a decade ago.
When it comes to building meaningful relationships, the secret is to ask for help and engage in conversations. Sometimes mentors will seek people out, and other times people need to find them themselves. But in any case, no one can afford to be shy.
"Be curious, and have respect for everybody," advised Weinstein. "I think those are the traits that'll really enhance your career."
Weinstein remembers the early years of his career as being the most challenging, when young accountants have to build a foundation for professional success without much of a frame of reference. It's only once a young accountant has a measure of experience that they truly become able to help clients, mentors and colleagues, and it takes a lot of patience to reach that stage.
Weinstein said that the profession isn't for people who want instant results, because it takes a great deal of hard work to gain trust and credibility. However, he argued that the perks of the profession are worth it and that CPAs need to do a better job in communicating the long-term benefits of pursuing an accounting career.
"Being a CPA is a fabulous career," said Weinstein. "I've traveled the world and to the White House. I've met the most interesting people, I've had the opportunity to serve on a lot of boards, and I attribute all of that to being a CPA."
As the profession is going through profound changes, Weinstein says that EisnerAmper's highest priority is to drive innovation and technology across all its practices. From the services they deliver to how they provide it, accountants will need a significant amount of resources to stay ahead of the curve, and Weinstein says that his firm is fortunate enough to have them.
EinserAmper is currently investing in automation and data analytics for their client-facing services, while building new software and solutions. As a result, the firm looks at technology from the perspective of transformation and uses cutting-edge tools to change business operations. For the rest of his career, however, Weinstein wants to focus on bringing more capital to the accounting profession and to continue serving his community amidst technological changes.
Pioneering in PE
Weinstein is often considered a pioneer in bringing private equity into accounting. In 2021, EisnerAmper
"The first big advantage [in PE] is access to capital, and by accessing capital, it's just enabled us to invest a lot more money in technology to accelerate our M&A strategy,"
Weinstein said that the transaction allowed EisnerAmper to develop a new ownership model that will encourage more young people to work at the firm, because they now have the opportunity to participate in liquidity events every five years that let them see the value of their work without waiting until retirement. He said equity-based tools allow EisnerAmper to reward and incentivize partners as well, which is also very attractive when trying to negotiate mergers and acquisitions.
He added that his team had been considering finding a private equity partner since 2016, when they started discussing new ways to grow the firm while remaining "sustainable, relevant and important." The firm actually had three different opportunities over the last 10 years to strike a deal with a private equity firm, but they needed a partner that shared their thoughts about structure and opportunities. Finally, TowerBrook Capital came along and opened new doors for cooperation between accounting and private equity firms.
"As CPAs, our job is to simplify what's complicated, which is pretty much everything right now," said Weinstein. "We're going to see more change in the next five years than we've seen in the last 25 years, and the profession is going to change very fast. But for EisnerAmper, it's always an opportunity. We've transformed our firm a number of times over the last two decades, and we're prepared to do it again."
At a Glance: Charly Weinstein
College: State University of New York at Binghamton
Where did you grow up? New York City
Where did you begin your career in accounting? Maxwell Shmerler & Co.
Where and when did you first make partner? Richard A. Eisner & Co.
What are your strongest areas of professional expertise? Accounting and auditing
Something that people may not know about you: I had three partnership offers before the age of 30.
Someone you admire: Dick Eisner and Ted Levine
Favorite book: Les Misérables
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