In the present study, we aimed to specify the key competence domains perceived to be critical for the teaching profession and depict them as a comprehensive teacher competence model. An expert panel that included representatives from seven units providing university-based initial teacher education in Finland carried out this process. To produce an active construction of a shared understanding and an interpretation of the discourse in the field, the experts reviewed literature on teaching. The resulting teacher competence model, the multidimensional adapted process model of teaching (MAP), represents a collective conception of the relevant empirical literature and prevailing discourses on teaching. The MAP is based on Blömeke et al.’s, Zeitschrift für Psychologie, 223, 3–13, (2015) model which distinguishes among teacher competences (referring to effective performance of teachers’ work), competencies (knowledge, skills, and other individual competencies underlying and enabling effective teaching), and situation-specific skills of perceiving, interpreting, and making decisions in situations involving teaching and learning. The implications of the MAP for teacher education and student selection for initial teacher education are discussed.