Semiconductor device characterization is of prime importance in today’s electronics. This paper intends to throw light on the alternative methods available for semiconductor device characterization that can be implemented in universities/institutes. In the current scenario, most of the universities are implementing the traditional methodology of device characterization in the laboratory by using bread board circuitry and meters to read the voltage and currents, which is termed as the manual method. But there are many alternative techniques, which use simulation software and data acquisition units. The paper aims at juxtaposing the existing manual techniques with the evolving alternatives mentioned before. Two semiconductor devices namely, diode and bipolar junction transistor (BJT) were taken as samples and their device characterization was performed using three different techniques: manual, automatic and simulation. A comparative study was made on the outcomes, and the merits and demerits of the three techniques were elucidated. A survey was conducted among 25 undergraduate students regarding their opinion on the various methods, since they are already exposed to the existing technique. The survey results were scrutinized.