Pretty vague. depends on what you're looking for.
if you're interning and it's your first/second semester in school, they just look at your gpa.
if you're doing freelance web design, they'll want to see examples of your work so that's very important.
for a coding job, you only need something that will catch their attention and land you a phone interview. high gpa, work history, portfolio, etc are all sufficient for that. once you get the phone interview, they look for passion + technical expertise.
just keep your gpa at 3.0+ and work on knowledge/experience after that.