Firstly, all game companies want experienced individuals. A good course should offer and encourage internships. Without this we have a choice between candidates with specific tendered skills and those from a general art background. We can further divide these categories into those who are competent at and those that are not. Competence/proficiency at art is only nominally effected by university. Regardless of the resources and teaching provided, it is still up to the individual to knuckle down and apply themselves to improve their craft.
So in summary, companies want either experienced individuals or a solid grounding in art fundamentals. Not all courses have internships available so choosing a course focusing on art instead of technology is important. This would help to extinguish the spattering of 'mickey mouse' courses and graduates would be better equipped for their chosen industry.