International academic mobility programs in Higher Education Institutions (HEI) seek to strengthen the students' personal and academic growth, as well as to develop their skills so that they can face the challenges of the labor market in various cultural settings. Through mixed methods research using multivariate statistical analysis techniques and data triangulation, in a student sample from private universities in Santiago de Cali, we defined the aim to identify motivations, limitations, and competencies acquired by students who have participated in internalization programs in order to contrast them with employers’ expectations regarding international mobility benefits on their potential workers’ effectiveness. It was identified that the variable cost of the program and the language of the destination country strongly influence the explanation of the variable intention to participate in the academic mobility program. A comparative analysis of competencies achieved by students and expected by employers shows similarities in maturity, professional vision, diversity enthusiast, and autonomy.