Having already met her future husband, William Wallace, at Oxford, she spent a year at Bruges, Belgium, undertaking postgraduate studies at the College of Europe (1967–68).
Helen Wallace studied at the University of Manchester (1969–73), where she completed her doctoral thesis with the title The Domestic Policy-making Implications of the Labour Government's Application for Membership of the EEC (1975).
She was lecturer in European Studies at the University of Manchester Institute of Science and Technology (UMIST) 1974–78 and in 1976 was appointed Visiting Professor at the College of Europe, a position she continued to hold until 2001.
In 1985, she was appointed Senior Research Fellow and Director of the West-European Programme at the Royal Institute of International Affairs, Chatham House.
From 2001 until 31 August 2006 she was Director of the Robert Schuman Centre for Advanced Studies at the European University Institute in Florence, Italy.