For more than 20 years, the benefits of international mobility for students have been taken for granted. Now, policy makers and educators have started to realize that internationalization and globalization do not magically happen by sending ever higher numbers of students abroad. The quality of international mobility has taken center stage of the debate. This article presents the findings of an evaluation study concerning the effects of international mobility activities in terms of advancements in specific competencies. The results indicate that periods of 3-4 months of study or work abroad are too short to achieve much progress in these competencies for many of the students. Other factors that strongly influence the effectiveness of international student mobility appeared to be student motivation and institutional support. Recommendations are put forward to enhance the potential of international mobility in equipping human resources for an ever more internationally oriented labor market in culturally diverse societies. (Contains 1 figure, 8 tables and 4 notes.)