Questions abound in the U.S. based teacher education literature about the kind of knowledge teachers should possess about learning and academic achievement that will enable them to provide all students with an equitable, effective schooling experience. This article examines how a group of preservice teachers--enrolled in a teacher education program that challenges deficit thinking--understand and talk about academic achievement, paying particular attention to the extent to which the candidates account for academic achievement and recognize potential academic risk. Based on the paradoxical stability and tentativeness of teacher candidates' talk about risk, academic achievement and the deployment of the "at-risk" category, I suggest the need to illuminate the complex body of knowledge that informs teacher candidates' understanding, particularly the knowledge deployed in teacher education curriculum.