In this paper, we present a study, which models and measures the competencies of higher education students in business and economics--within and across countries. To measure student competencies in a valid and reliable way, the Test of Understanding in College Economics was used, which assesses microeconomic and macroeconomic competencies. The test was translated into several languages and adapted for different university contexts. In the presented study, the test contents were also compared with regard to the educational standards and the university curricula in Russia and Germany. Our findings from the cross-national analysis suggest one strong general factor of economic competence, which encompasses micro- and macroeconomic dimensions. This points to a stronger interconnection between learning and understanding economic contents than previous research suggests and indicates far-reaching curricular and instructional consequences for higher education economics as well as needs for further research, which are discussed in this paper.