When promoting intercultural learning in the context of study and placement mobility, intercultural educators are specifying what students should be learning. Research not only confirms the genuine impact of real-life intercultural contact on intercultural learning, but also shows how this impact can be enhanced through institutional support and the integration of intercultural learning into the curriculum. In this position paper, we propose a number of considerations that need to be taken into account in setting learning objectives for mobile students. Referring to research and policy documents mostly in relation to the European mobility context, we address consecutively what students are learning in study and placement mobility; what they say they want to learn; what they should learn for; and finally, what they should be learning. We conclude that intercultural educators should pay heed to what students are actually learning in study and placement mobility over a time span that transcends the current sojourn abroad. We also recommend that educators take steps to support students in mobilising the intercultural skills they acquired abroad for increased employability.