Of those who had already studied abroad, 40% defined the main advantage as a boost to their career chances, while 60% said it had given them experience of another culture and the chance to travel.
The most popular option was to study abroad for a year as an undergraduate.
The United States was the most desired destination but 42% preferred non-English-speaking countries.
One of the biggest deterrents was a perceived lack of language skills, the study suggests, along with cost. Help with foreign language training and funding were popular suggested solutions.
"This latest evidence confirms that a growing number of the UK's students are recognising the huge value to be gained from international experience," said Prof Hughes.
"Our universities play an important role in supporting those ambitions. The UK needs graduates who have the skills and confidence to compete globally, and can compete against foreign talent that may speak more languages, and have wider international experience.