How important is a college graduate's GPA when applying for job/internship...

[Kevin]

...in engineering? Specifically in chemical engineering. And hypothetically, let's say the canidate graduated with a gpa around 3.0 to 3.5 from a middle of the road university.

[oil field trash]

The truth is much of what you need to know to be a really good engineer is not taught in the class room. Most companies know this. What they are looking for are highly motivated individuals, who can get the job done.

A 3.0 GPA from a middle of the road university where the individual help pay for his education probably has as much or more potential than a graduate from MIT who got a free ride from his parents.

Accompolishment is much more important than GPA.

[dave13]

It depends.

How does the applicant present him/herself to the interviewer?
How much does the company/interviewer weight the GPA?
What is the company's policy?
How does the applicant "explain" the GPA? [Did the applicant work 3 part-time jobs and support his widowed mother and 6 siblings while going to college? Or, did the applicant "have a really good party time" in college?]
What extra-curriculars and leadership roles did the applicant participate in?

There are lots of variables that come into play. For the most part, a big name school and a really high GPA will help get you interviews for your first job. After landing that first job, GPA and school falls way down on the list of importance. After you have that first job, it's all about performance and what value you deliver the company.