In the last decade, the concept of competence has been developed and competence-based learning has become the dominant educational approach in Latvia. It poses new challenge also for mathematics studies - to provide opportunities for students to achieve competence and acquire knowledge, values and skills needed for successful professional and fulfilled personal life. The aim of the article is to give insight into International Student Scientific Mathematics Olympiad (ISSMO), organized by Latvia University of Life Sciences and Technologies in order to contribute to the development of students’ mathematical and social competence such as effectively communicate with others, cooperatively work in teams. This article describes the methodology of the International Student Scientific Mathematics Olympiad organization, summarizes the experience and analyses the results of the ISSMO of two largest technical universities in Latvia and among so-called Agricultural Universities in Baltic States in 2018. Olympiad is focused on application of mathematics to real-life situations. The results show that solving practical problems requiring the use of other study subjects presents difficulties for all students.