Alternative large‐scale computational approaches are described and reviewed for predicting the dynamic response of submerged elastic structures subjected to time‐harmonic mechanical or incident pressure loadings. Such problems can be solved by combining a finite element model of the structure with a fluid‐loading model computed using finite element, boundary element, infinite element, or doubly asymptotic techniques. For each of these approaches, a variety of other choices must be made concerning the details of the formulation. Also discussed are the trade‐offs between accuracy and efficiency in the calculations.