The article discusses theoretical preconditions of added value of internationalized studies for students' knowledge and skills development in the area of professional training within the system of higher education. The premise is formulated that the value and quality of academic exchange is possible to assess grounding on the research into international exchange participants' experience. Such kind of research should become an integral component of the system of study quality assessment and could contribute to quality assessment and development of higher education institution internationalization. The article presents research results on ERASMUS students, representing 13 countries attitude to the impact of international dimension in studies on development of their competencies. The research into ERASMUS students' view revealed: 1) students' motives to experience internationalized studies; 2) students' attitude concerning added value of internationalized studies for their personal development and acquisition of subject knowledge and skills; 3) reasons presented by students explaining the necessity to internationalise higher education. Aiming at validating the applied value of research into exchange students' experience for the value and quality assessment of international academic exchange, some criteria and indicators of quality assessment of higher education internationalization are formulated. (Contains 3 footnotes, 1 table, and 8 figures.)