This paper analyses the difficulties which Spanish student teachers have in solving the PISA 2003 released items. It studies the role played by the type and organisation of mathematical knowledge in the activation of competencies identified by PISA with particular attention to the function of contextual knowledge. The results of the research lead us to conclude that the assessment of the participant’s mathematical competencies must include an assessment of the extent to which they have school mathematical knowledge (contextual, conceptual and procedural) that can be productively applied to problem situations. In this way, the school knowledge variable becomes a variable associated with the PISA competence variable.