I'm an incoming senior in college studying CS and Finance and one of my colleagues in the Valley mentioned that having a personal site with a portfolio makes candidates look exponentially more impressive when applying for jobs (e.g. organized code samples with explanations and context).
How important is it to have your own website or portfolio? Does having a blog component add significant value or is a collection of static pages sufficient?
Also, when creating a site is it acceptable to use a CMS like WordPress or do employers prefer if individuals build their sites from the ground up or use different web frameworks?
A big salary can evaporate quickly. Between March 2001 and April 2004 roughly 400,000 American jobs in information technology were eliminated. Many of those who had coded Java in obscurity ended up as cab drivers or greeters at Walmart. A personal professional reputation, by contrast, is a bit harder to build than the big salary but also harder to lose. If you don't invest some time in writing (prose, not code), however, you'll never have any reputation outside your immediate circle of colleagues, who themselves may end up working at McDonald's and be unable to help you get an engineering job during a recession.
http://philip.greenspun.com/seia/writeup
In my own opinion, a blog component only makes sense if you wish to write short (3-paragraph) posts. Use Wordpress if what Wordpress offers is what you want. On one hand, writing your own web framework can be a good learning experience and a good portfolio piece in itself; on the other hand, good programmers reuse existing code when possible. NOT writing your own web framework can be just as much of an indicator of your skills as writing one.