In Australia, there is increasing scrutiny of teacher education processes in learning to teach primary mathematics. In this study, mixed methods, including linear regression, are used to examine the entry mathematical content knowledge of third-year Bachelor of Education Pre-service Students and to relate this to their graduating level of content and a measure of pedagogical content knowledge based upon capacity to describe student errors and provide learning support. The data indicate low levels of mathematical content knowledge at the beginning of the course, prompting questioning of the focus of earlier mathematics curriculum courses. Over the life of the study, there was improvement in some domains, which is to be expected where knowledge of mathematics was an intended outcome. Mathematical content knowledge at the start, but particularly at the end of the study, was highly predictive of expressions of mathematical pedagogical content knowledge. The stronger predictive value of mathematical content knowledge at the end of the study for mathematical pedagogical content knowledge suggests merit in developing the two aspects of teacher knowledge in tandem, rather than in different courses. The relevance of the data to teacher preparation in the institution and more broadly is discussed.