After working as a financial analyst for the Bank of Finland and Finnish State Guarantee Fund, beginning in 1985, Knuuttila studied economics at the Helsinki School of Economics, earning a master's degree in 1991, and became a financial consultant for business and non-profit organizations.[3] Motivated by the realization that many economic models are based on untrue assumptions,[1] she left this work in 1999 to become a graduate student in philosophy at the University of Helsinki. She earned a second master's degree in 2001, and finished her Ph.D. in 2005. Her dissertation was Models as Epistemic Artefacts: Towards a Non-Representationalist Account of Scientific Representation.[3]
She remained at the University of Helsinki as a postdoctoral researcher, with support from the Academy of Finland, and earned a habilitation there in 2010, continuing through 2014 as a university researcher and fellow of the Helsinki Collegium for Advanced Studies. In 2013 she took a position at the University of South Carolina as a tenured associate professor, and in 2018 she took her present position as a full professor at the University of Vienna.[3]