Specialized mathematical content knowledge was measured using items developed by the Learning Mathematics for Teaching (LMT) project, and common mathematical content knowledge was measured using an instrument developed and used at another university. The findings of this study indicate that the level of specialized mathematics content knowledge of preservice teachers increased significantly during the mathematics methods/content course. Personal mathematics teacher efficacy, mathematics teaching outcome expectancy, and common mathematical content knowledge also increased significantly. Significant correlations were found among several of the variables assessed in the study, including personal mathematics teacher efficacy and specialized mathematical content knowledge. However, neither dimension of mathematics teacher efficacy significantly predicted growth in specialized mathematical content knowledge. A supplementary analysis revealed that the initial level specialized content knowledge did significantly predict growth in personal mathematics teacher efficacy of female students.