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                                                                      Exhibit 15

                              ARTHUR ANDERSEN LLP

                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS


To Education Management Corporation and Subsidiaries:

We have reviewed the accompanying condensed consolidated balance sheet of
Education Management Corporation (a Pennsylvania corporation) and Subsidiaries
as of September 30, 1999, and the related condensed consolidated statements of
income and cash flows for the three-month periods ended September 30, 1999 and
1998. 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.

We have previously audited, in accordance with generally accepted auditing
standards, 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.




                                        /s/ ARTHUR ANDERSEN LLP


Pittsburgh, Pennsylvania,
 October 20, 1999