EXHIBIT 23.1

                   CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS

The Board of Directors
AAR CORP:

We  consent to  the incorporation  by reference  in Registration  Statement Nos.
33-19767, 33-26783,  33-38042,  33-43839,  and  33-58456  on  Form  S-8  and  in
Registration  Statement Nos., 33-30222 and 33-42326 on  Form S-3 of AAR CORP. of
our report dated July  1, 1994, relating to  the consolidated balance sheets  of
AAR  CORP,  and  subsidiaries  as of  May  31,  1994 and  1993  and  the related
consolidated statements of income, stockholders' equity, and cash flows for each
of the years in the three-year period  ended May 31, 1994, which report  appears
in the May 31, 1994 annual report on Form 10-K of AAR CORP.

                                          KPMG Peat Marwick LLP

Chicago, Illinois
August 24, 1994