This study was carried out to model the functional form of the effect of contextual risk (number of adverse life events) on emotional and behavioural problems in early adolescence, and to test how intelligence and academic achievement compare as moderators of this effect. The effect of number of adverse life events on emotional and behavioural problems was non-quadratic. Intelligence rather than academic achievement moderated the association between contextual risk and children’s emotional and behavioural problems. However, the interaction effect was significant only on peer problems. These findings suggest that both moderator and outcome specificity should be considered when evaluating the role of intellectual competence in the association between contextual risk and children’s emotional and behavioural problems.