This is a question I asked myself when I was studying algorithms.
Algorithms are important because of how crucial they are to so many real world applications. Just a few examples are web searching, file sharing, file systems, compilers. Getting a computer science job without knowing anything about algorithms would severely limit you, probably would only be able to find a GUI programming job.
Almost all big companies like Microsoft, google, Yahoo and Amazon use algorithms in their software and look for engineers who understand them very well. Having a very strong grasp of algorithms in a job interview would set you apart from all others who only simply know how to program.
Basically you need to study algorithms because they are used all the time in complex software projects.
In short you want job then learn algorithm.
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