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                                                                      Exhibit 15

                   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
September 30, 1997, and the related consolidated statements of income and cash
flows for the three-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,
October 14, 1997