Exhibit 15


                                                       [LOGO OF ARTHUR ANDERSEN]

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 September 30, 2001 and 2000, the related condensed consolidated statements
of income and cash flows for the three-month periods ended September 30, 2001
and 2000. 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 modification 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 generally accepted auditing
standards, the consolidated balance sheet of Education Management Corporation
and Subsidiaries as of June 30, 2001 (not presented herein), and, in our report
dated July 27, 2001, 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, 2001 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 23, 2001