In view of cross-national student mobility and increasing internationalization of the labor market, a common understanding of economic concepts as well as awareness for country-specific factors influencing economics education is essential. Therefore, the development of instruments that allow for comparable investigation across countries is crucial. The present study describes economic education in Japan and Germany and explores the specific conditions for access to higher education in each country. On this basis, we examine the level of economic literacy (using TEL-IV) at the beginning of higher education among 232 German and 198 Japanese students of Business & Economics and the impact of personal influencing factors thereon. Overall, comparable entry levels can be observed, whereby each student group shows different response patterns. Predicting economic literacy, primarily gender and interest reach significance. A final outlook regarding the significance of cross-national studies is given, taking limitations and implications of this study into account.