Using data from the 1998 High School National Census from the Ministry of Education and Culture of Argentina, the present study examines relationships between school composition, some characteristics of schooling (such as institutional culture and climate), and students' achievement in Mathematics in the last year of high school. The study applies multi level linear modeling on the levels of student, school and state. It finds a close relationship between achievement in Mathematics and the variables of school composition and schooling processes. It shows that when both variables act together, the effect of all other variables significantly decreases. The variables of schooling processes, however, even when diminished in influence, nonetheless notably continue to affect students' achievements. The study also identifies a reference model for future studies evaluating other institutional factors of learning.