Spanish Abstract: El presente articulo examina cuales son los factores institucionales que tienen relacion con el rendimiento academico en matematicas. Para ello se tomo un corte transversal de 1653 estudiantes que presentaron el examen de Estado de la educacion media (Saber 11) en el 2010, provenientes de 44 instituciones educativas de la ciudad de Medellin - Colombia. La estimacion se hizo por medio de un Modelo Lineal Jerarquico cuyas variables independientes se clasificaron en dos niveles: estudiante e institucion. Los principales resultados evidencian que el 31,4% del rendimiento de los estudiantes en matematicas es explicado por variables institucionales como el numero de horas de matematicas, el pertenecer a colegios privados y de un solo genero, el uso de texto guia y el tamano del colegio. English Abstract: This paper examines which is the relationship between institutional factors and the academic achievement in mathematics. To reach this purpose, 1,653 students who had taken the test in 2010 and who came from 44 high schools in Medellin, Colombia were selected. The econometric estimate was conducted by means of Hierarchical Linear Model (HLM), which its independent variables were classified in two levels: student and institution. Our main results provide evidence to support that 31.4% of educational attainment in mathematics is explained by institutional variables such as the number of hours in math class, to belong to private schools and with a unique gender, the use of textbook and the school size.