In our study, we examine some theoretically relevant personal factors as predictors of students’ acquisition of knowledge of management accounting, a key area of business and economics studies in higher education. We modeled and assessed business and economics students’ knowledge of management accounting in Germany using an internationally proven accounting test that has been translated and adapted and comprehensively validated for higher education in Germany. A review of the international literature showed that potential predictors might include not only learning opportunities students have used during and prior to higher education, but also students’ socio-cultural background and gender. These factors were assessed in a survey of 1012 students studying at 23 institutions of higher education. Not surprisingly, a multilevel analysis confirmed that among the learning opportunities a course in management accounting has the greatest effect on students’ knowledge of management accounting. But when other potential predictors are controlled, completion of a commercial vocation training prior to university studies shows a positive effect, as well.