This has kind of been touched on above, but bears expanding on.

A high-leverage real-world skill that I've seen lacking in fresh grads is the ability to make sure you're solving the right problem. This implies developing the ability to listen carefully and ask tactful questions, to spot gaps or inconsistencies in requirements and probe those gaps, and to resist prematurely charging ahead mentally on a design any further than you need to probe the requirements.

I've seen quite a few fresh grads sink weeks into solving the wrong problem. I see this less often with experienced folks, which may mean that they've learned, or it may mean that they've been culled from the development gene pool after solving the wrong problem one too many times.