I wouldn't worry about making a separate portfolio, but you might want to ask if they want to see specific images (easy to email a few more model pics, renderings, etc.)

The biggest difference between the two portfolios is their purpose.  For a graduate school portfolio, you are NOT there in the room with your portfolio meaning that all of the work must stand on its own; this could translate to more text or more academic work that is design oriented.

For a summer internship, you are with the portfolio in most cases - career fair, interview and can add verbal communication to the portfolio.  In this instance, you may wish to add more technical skills - Revt, model-building, etc. as these are the tasks that you would be doing for the summer with a firm.  As part of the job search, you may also wish to create a one-page portfolio view sheet that you can send with your resume via email to an employer that creates interest in you, something you would NOT do with graduate schools.

Best!

If you don't have any prior work experience at an architecture firm, then there probably won't be much difference between your academic portfolio and your professional portfolio. But if you do, then I'd have two different portfolios.

For me, I was coming into grad school with over ten years of professional experience, so for my admissions portfolio I featured maybe two-thirds academic projects and one-third professional projects. I also showed a lot more process sketches and diagrams, especially for the academic projects.

Now that I'm looking for a co-op position, I've pretty much reversed the ratio of academic and professional projects in the portfolio (roughly two-thirds professional to one-third academic), and have focused more on the finished product than on the process.

I'm curious to see what others have to say about this.

we have a few interns come through our office every year.  mostly we look for personality in person and some indication of creativity in the portfolio.  also prefer if the work matches what we do in some way.  it's amazing how many people send us portfolios but apparently have no idea of our work. 

the ratio of built to unbuilt is not so important for us though of course we do notice and will adjust expectations based on previous experience.

Thanks so much for everybody's advice. I guess I should be a bit more specific, though, about my situation. I'm in my fourth year of my bachelors at IIT and am putting the finishing touches on my portfolio. I have interned at three different firms in Mass. before this, but will be attending IIT's career days/career fair over the course of this next semester to apply for more intense internships in Chicago this summer. 

The way I have been structuring my portfolio is 4 single pages per project (i.e. 2 full spreads per project) which is - so far as I can tell from Issuu - what other people have more or less done for their grad school portfolios. Though I am planning on applying to grad school in 1-2 years as well, I was just wondering if 4-5 projects at 2 full spreads/4 pages is way too much for presenting to firms for summer internships, or if it is ok. 

Thanks again!