It depends, it just needs to be rendered once, if your render will be piped through the compositing nodes and what ever you have in the compositor will be burned into the render. I do not take that approach, I prefer to render raw and then take the images into the compositor and then apply the effects and re-render again, that way I have much more control and the render time is just a fraction of the actual render. There is no wrong way though, you can take whichever approach you like.
I think I understand the nuance of your question EEric. I've been rendering sequences for our latest Collab project for the past month. The workflow has involved rendering every sequence twice - actually 3 times.
It depends on the complexity of your composition. For this course (and 95% of every project I do), it's simple enough to pipe my render output into the compositor and render+composite at the same time. I.e. one rendered sequence or even video file output if it's fast enough.
However the collab project is much more complex and I need to do funkier things in the compositor than usual, including passes and ID mattes, etc. So in these more complex situations I render twice (or even thrice):
If your workflow included an external compositor like Nuke, you would do the same thing of rendering .EXR's out of Blender and compositing with those sequences in Nuke.
Does this answer you question?