In this cross-case study we focus on school-based teacher education in Sweden and Finland. Through the use of focus-group interviews with mathematics teacher educators in Finland and Sweden, the study shows that there are substantial differences in how school-based teacher education is introduced and portrayed in the discourse about teacher education and prospective teachers' learning. The school-based teacher education among the Finnish groups is made relevant in relation to several aspects of prospective teachers' learning. In the Swedish groups, school-based teacher education is portrayed as an organizational problem and few aspects of prospective teachers' learning are brought into the discourse. The results cannot be generalized to the two countries but show interesting conceptualizations of school-based education potentially useful for teacher educators and scholars. (Contains 5 footnotes.)