  The most intriguing properties of emergent materials are typically
consequences of highly correlated quantum states of their electronic degrees of
freedom. Describing those materials from first principles remains a challenge
for modern condensed matter theory. Here, we review, apply and discuss novel
approaches to spectral properties of correlated electron materials, assessing
current day predictive capabilities of electronic structure calculations. In
particular, we focus on the recent Screened Exchange Dynamical Mean-Field
Theory scheme and its relation to generalized Kohn-Sham theory. These concepts
are illustrated on the transition metal pnictide BaCo$_2$As$_2$ and elemental
zinc and cadmium.
