The increasing dependence on knowledge as a driver of societal development during the twenty-first century has placed the governance of academia in a state of transformation. Increasing pressure for academia to direct the production, proliferation, and utilisation of academic knowledge towards the perceived needs and interests of government, industry and interests groups have manifested themselves in a diverse set of conditions for funding of education and research. For academics in general, and for early career researchers in particular, the result is an increasing dependence on external funding. In response, many universities have taken steps to introduce restrictions on form, content, and publication of research – as well as what types of employments are made available for researchers in the first place. This study explores the relationship between employment security and reliance on external funding in Finland and Sweden – two countries that have recently adopted tenure-track models. The exploration is based on material from the APIKS survey regarding duration of employment contracts, exposure to expectations, and sources of funding. Based on this analysis, we discuss whether tenure can effectively provide a healthy degree of independence and academic freedom in a funding landscape characterised by a high degree of competition for research funding. The results of the study provide insights into how the transformation of conditions for academic work interact with fundamental values of academia, and open avenues for further research into how academics deal with the pressures of modern career structures.