Over the last two decades, many Australian universities have relaxed their selection requirements for mathematics-dependent degrees, shifting from hard prerequisites to assumed knowledge standards which provide students with an indication of the prior learning that is expected. This has been regarded by some as a positive move, since students who may be returning to study, or who are changing career paths but do not have particular prerequisite study, now have more flexible pathways. However, there is mounting evidence to indicate that there are also significant negative impacts associated with assumed knowledge approaches, with large numbers of students enrolling in degrees without the stated assumed knowledge. For students, there are negative impacts on pass rates and retention rates and limitations to pathways within particular degrees. For institutions, the necessity to offer additional mathematics subjects at a lower level than normal and more support services for under-prepared students impacts on workloads and resources. In this paper, we discuss early research from the First Year in Maths project, which begins to shed light on the realities of a system that may in fact be too flexible.