But the ideal candidate needs to be more than an articulate straight arrow, according to the survey results. Employers also cited strong interpersonal skills, motivation and initiative, the ability to work well with others, and a strong work ethic as key attributes. (Each earned a rating of 4.5 or better on a 5-point scale, where 1 is not important and 5 is extremely important.)

"Certainly, having the requisite skill set to perform the duties of the job is critical, but much of what employers prize can't be taught in the classroom," says Mackes. "As a result, they look for evidence beyond grades that the candidate has these 'soft skills' and attributes. This is one reason why employers look for new college graduates who have gained some kind of relevant work experience, typically performed through an internship or cooperative education program." In fact, nearly three-quarters of employers responding to the Job Outlook 2007 survey indicated they prefer to hire new college graduates who have gained relevant work experience.

So, is the candidate with killer "soft skills" and relevant work experience a shoo-in for the job? Not if the candidate's grades don't cut it. Nearly two-thirds of responding employers said they screen new college graduate job candidates on their grade point average (GPA). The biggest group—58 percent—reported that they use a GPA of 3.0 (on a 4-point scale) as their cutoff. "Grades do count," says Mackes.