In comparison to undergraduate pre-service teachers (PSTs), graduate PSTs have previously completed a three-year bachelor degree and are enrolled in initial teacher education (ITE) programs to become a teacher. Following a review of literature on teachers' sense of stress, reflection and identity development, this study compared the stress levels and concerns of graduate PSTs with those of undergraduate PSTs. One hundred and fifty-one graduate and one hundred and fifty-nine undergraduate PSTs participated in this study. The graduate PSTs had significantly higher stress levels than undergraduate PSTs (p < 0.01). Contributing stressors from both groups' own demographic background and teaching practicum perspectives were investigated and compared. These findings provide an empirical basis from which to develop appropriate strategies to support both groups of PSTs to manage their stress, develop their identity and personal beliefs and increase their retention in teacher education programs.