Purpose This paper analyses how contextual factors at universities (entrepreneurship education and program learning) and cognitive variables (perceived behavioral control, implementation intentions, and attitude) influence entrepreneurial intentions among Latin American university students. Design/Methodology/Approach The empirical analysis employs a multilevel (hierarchical) linear model with a sample size of 9012 university students taken in 2018 from nine Latin American countries: Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, Mexico, Panama, and Uruguay. Findings Overall, the university context and cognitive variables contribute to explaining entrepreneurial intentions in university students. Whereas program learning constitutes a variable that directly and indirectly explains entrepreneurial intentions among university students, attending entrepreneurship courses negatively influences their entrepreneurial intentions. Originality/value A central premise of this study is that the entrepreneurial process in university students is a multilevel phenomenon, given that university context and cognitive variables are key factors in entrepreneurial intentions. The findings support this premise and contribute to the existing literature on entrepreneurship in emerging economies. Nevertheless, the results reveal a more nuanced picture regarding the role of university context on the entrepreneurial intentions of students.