I think a student with 1 semester of Intro GIS should understand GIS data (ie., point, lines, polygons), file structure (ie. .shp, gdb, .img, .dwg, dxf ) and topology concepts . Understanding how tabular data can be used in a GIS environment and able to understand metadata and determine if that data is useable is important. Also, good cartographic knowledge that results in a nice clearly understood accurate map is a nice skill to bring into a position. When I have hired individuals with little GIS experience, much of the work involves data conversion and editing. Understanding that data conversion is tedious meticulous work is important verses the more glamorous world of GIS analysis, web mapping technology, GIS development and most glamorous of all…. GIS management.
While it would be great for a 101 newbie to have some ESRI sw hands-on knowledge, the web-based training, internal mentoring, etc. that is available make that less important than good communication skills, plays well with other, quality oriented, hard worker, etc. type of stuff