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International student mobility (ISM) is an important educational means to increase students' multicultural effectiveness and their (international) job market potential. In the present study, we investigated ISM effects by addressing the following three research questions: First, how do future sojourners differ from control students in terms of their pre-departure multicultural effectiveness? Second, how does ISM affect the development of multicultural effectiveness above and beyond effects of students' demographic characteristics, their cultural and educational background, and their previous international mobility experiences? And third, do any of these variables moderate ISM development effects and thus help to explain who benefits most from ISM? We used a sample of N = 3070 students at German higher education institutions who were assigned to three groups (i.e., control students with no mobility plans, present sojourners who participated in ISM during the study period, and a waiting group of future sojourners who participated in ISM in the semester sequencing the study period). The analyses with (moderated) latent change models showed substantially higher pre-departure multicultural effectiveness in present and future sojourners compared with control students as well as positive effects of ISM on the development of multicultural effectiveness. The strongest effects were observed amongst students without previous international mobility experiences. Theoretical implications for the understanding of adaptive development in a globalized world as well as practical inferences for ISM outreach and recruitment strategies are discussed. [ABSTRACT FROM AUTHOR]