I prefer the NASB - New American Standard Version. Our school prefers we use more recent/literal translations (NASB/HCSB, TNIV/NIV2010, NRSV) for our work, because new manuscripts are continuously being found, and translations are constantly coming out, being corrected and updated, and allowing for us to know and better understand the Bible.
I also have the NLT (which I used throughout high school), NIV, KJV, and a New Testament of The Message that I use to parallel my Bible readings.
EDIT: I forgot to mention, I often find myself using
http://biblos.com/ in doing my Bible homework. I've found that it's the cheapest comparison to a software Bible, and the site is filled with great help tools that I have found very useful as I work my way to better Biblical understanding as I go about outlining and detailing what the text has to say!