The current study aims at providing empirical and theoretical support to the important topic of international student mobility (ISM) in Europe. Specifically, it provides empirical analysis of degree-mobile students in 32 countries: the European Union (EU), the European Free Trade Association (EFTA) and the United Kingdom. The study is based on the aggregate data from the European Tertiary Education Register (ETER). The goal is to construct indicator (benchmark) for analyzing degree mobility of students at the country level. The empirical analysis is conducted from the perspective of a receiving country. It effectively helps to establish the context and content of future discussions on how to address the practical problem of measuring and evaluating the dynamics of students flows in Europe.