Compilers is one of the few topics that none of my colleagues seem care about, but IMHO it's so very important to learn how to do. In my Uni, the course only gets taught once every few years (it didn't help that our last department chair didn't care for the course at all and never scheduled it).
I count the day that I finished my LL(1) parser and lexer for my own compiler course as a student as the day I "earned" my chops.
Edit: Since there seems to be some discussion on this thread, I'll throw in the actual project that I gave my students (warts and all). https://github.com/agiacalone/cecs-444-semester-project