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                                                                    EXHIBIT 15

                         ARTHUR ANDERSEN LLP LETTERHEAD


                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS


To Education Management Corporation and Subsidiaries:

We have reviewed the accompanying consolidated balance sheet of Education 
Management Corporation (a Pennsylvania corporation) and Subsidiaries as of 
March 31, 1997, and the related consolidated statements of income for the 
three-month and nine-month periods then ended, and the related consolidated 
statement of cash flows for the nine-month period then ended. 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 generally accepted accounting principles.

                                             /s/ ARTHUR ANDERSEN LLP
                                             -----------------------

Pittsburgh, Pennsylvania,
  April 14, 1997