1
                                                                      Exhibit 15


REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS


To Education Management Corporation and Subsidiaries:


We have reviewed the accompanying condensed consolidated balance sheets of
Education Management Corporation (a Pennsylvania corporation) and Subsidiaries
as of March 31, 2000 and 1999, the related condensed consolidated statements of
income for the three and nine-month periods ended March 31, 2000 and 1999 and
the condensed consolidated statements of cash flows for the nine-month periods
ended March 31, 2000 and 1999. These financial statements are the responsibility
of the Company's management.

We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical procedures to financial
data and making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with generally accepted auditing standards, the objective of which is the
expression of an opinion regarding the financial statements taken as a whole.
Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should
be made to the financial statements referred to above for them to be in
conformity with accounting principles generally accepted in the United States.

We have previously audited, in accordance with auditing standards generally
accepted in the United States, the consolidated balance sheet of Education
Management Corporation and Subsidiaries as of June 30, 1999 (not presented
herein), and, in our report dated July 28, 1999, we expressed an unqualified
opinion on that statement. In our opinion, the information set forth in the
accompanying condensed consolidated balance sheet as of June 30, 1999, is fairly
stated, in all material respects, in relation to the consolidated balance sheet
from which it has been derived.



Pittsburgh, Pennsylvania,
  April 20, 2000