This paper critically reviews S. J. Keyser and Paul Kiparsky's “Syllable Structure in Finnish Phonology” (1984). We also treat Finnish morphophonemics using a CV-tier analysis, but account for forms that their method fails on. We posit six stem types in the verbal lexicon and derive the forms of all inflections of all types with just twelve morphophonemic rules. After the stems are modified and suffixes (and person/number endings) are attached, a single, general, phonological rule of Consonant Gradation applies postlexically. To develop a general theory from our analysis, we consider restrictions on rules which may alter stems: lexical rules apply to stems before affixation and only to the final segments of stems; only post-lexical phonological rules apply to affixes. We eliminate all morphological conditions on individual rules and extrinsic ordering conditions.