Fine to do but a waste of time. Enter a competition or just do a speculative project in the city you are looking for a job in.

Whatever works, make everything look as good as possible, your academic work, your professional work experience stuff from interning (if you did) and your competitions and speculative work. Never ever put stuff in your portfolio that you think should/could look better and are not happy with, if you made it you have al rights (im(h)o) to make it better. It's not like they are going to check, and if they are curious why a school project that you got a low mark for now looks awesome, just say you tweaked it a little, they'll only appreciate your effort and dedication. It's tough out there for some, don't let that be you.

It only needs to be good enough to get hired. I wouldn't agonize over making it perfect. But do clean it up so things are clear enough to talk through in an interview.

Work on getting a stamp. The dilemma with young registered architects is no in ground projects. So, make in-digital-ground examples of what you can do and just label them as such.

Architects that get jobs concentrate on their marketing, do NOT put that stategy off. But you have to provide a plethora of architectural eye candy whether built or not to keep people bouncing your site.

YOU MUST visualize how mnay jobs you wish you, provide the visuals and you will get more jobs than an architect startup with a skimpy site because they only post built jobs.

CHEAT A LITTLE

Same goes with a portfolio in regard to making it as nice as you can and not too voluminous, but not to skimpy either.

GET A STAMP; even if the battle truly begins when you try to get your own work, learn what architects realize AFTER 30, working for others is a waste of time and the only way architects can really make money beyond the old fashioned architect who got only as many jobs as he could do.

You are just a cog in those sweat shops, but you can learn a lot, but do not overstay in that role, GET A STAMP and load up examples of your unbuild ideas because you will have plenty of those, usually, before you get work, and spend as much on marketing in a year as you would on a nice new car.

What I see stall young architects striking it out on there own is:

1. Skimpy marketing

2. Skimpy visuals

Don't skimp, if you ain't got money you do have time. Then stick at volumizing your visuals and content and KEEP BUILDING ON IT from the getgo, do not be redoing your web every year like some.

At what point in your career do you leave student work out of a portfolio? Does it just depend on what you're aiming to get out of the portfolio?  Or is it just if you have enough professional work that communicates your skill level, you should start leaving it out?

Agree with Josh. If you've not gotten an opportunity to implement your own design ideologies into a real world project or professional level competition, keep one project in there that best displays your individual methodologies. It's also useful to throw in a student project (that is well done) which displays some specific niche skill set which you've not got a chance to implement in a firm, when such skill is relevant to a new job application.

For example you have a complex fabrication project done in a later semester (e.g. is of high quality and well documented) but all your professional work is corporate retail rollouts or condos etc. Use this fab project when applying to a firm which would appreciate/value that skill and may otherwise not be aware of this skill set. If applying to firms similar to where you're already at, this may well just take up space where they'd want to see specific finished/built works within your speciality.

If it's super cool and interesting however, even some of the most corporate places may enjoy it. Just make sure you're also showing them you can do / have done whatever their company is doing. Here's my boring boxes I did for money, here's some cool stuff that makes me a little more interesting than the next guy.