The computational efficiency of three numerical schemes has been examined for the solution of a linearized system of equations resulting from the finite element discretization of a viscoelastic fluid flow problem. The first scheme is a modified frontal solver, which solves the linear system of equations directly. The other two, one based on a biconjugate gradient stabilized (BiCGStab) method and another based on a generalized minimal residual (GMRES) method, are iterative schemes. The stick-slip problem and the four-to-one contraction problem were analyzed and the viscoelastic fluid was assumed to obey the Oldroyd-B model. The two iterative schemes are superior to the direct scheme in terms of CPU time consumed and the BiCGStab scheme is even faster than the GMRES scheme. The range of convergence for both iterative schemes is compatible with that of the direct scheme.