When I first began DMP colour space was something which I didn't know much about. As soon as I started working in the industry this changed. Quickly I had to learn the basics in order to get by.
In regard to this subject there are many resources out there. Digital Tutors will have good resources on this along with the Gnomon Workshop. From my stand point I would say before entering the industry knowing about sRGB, Linear and Logarithmic colour space is key and how they relate directly to Photoshop, Maya and Nuke.