The role of theoretical knowledge in translator training has often been seen as contradictory: some see theory as an important part of education, while others consider it unnecessary compared to practical skills. In this article, we study the role of theoretical knowledge in translator training at the University of Eastern Finland (UEF). The research material consists of the curricula of Foreign languages and translation studies (OPS 2014–2017) and reflective final essays written by MA students majoring in English and translation. The aim is to study what kind of theoretical knowledge translation exercises include, and how students see the role of this kind of knowledge. The findings suggest that theoretical knowledge occupies a central role in the curricula and that the students see it mostly in positive light.