Organic–inorganic metal halide perovskites (HaPs) are intensively studied for their light‐harvesting properties. Owing to the interplay between strong electron–electron interaction and spin‐orbit coupling (SOC), their quantitative theoretical description is still a challenge as evidenced by the wide variety of results available in literature. Here, various methodologies for computing their electronic structure are evaluated, also accounting for SOC. More specific, the GW$GW$ approach as well as variants of the hybrid functionals PBE0 and HSE are at the center of the investigations. For both functionals, methods to determine the mixing parameter α are explored, and for HSE, the impact of the screening‐parameter ω is investigated. An extensive investigation of PbI2, a precursor of many HaPs, leads to the conclusion that hybrid functionals with α tuned by the density‐based mixing method are most suitable for obtaining band gaps comparable to G0W0$G_0W_0$ results. Moreover, this methodology is transferable to CsPbI3, and the same behavior is expected for the entire family of lead–iodine perovskites.