An attempt to get more insight into the ab initio calculations of magnetic anisotropy in ferromagnetic 3 d transition metals is presented. The calculations are performed for bulk crystalline iron. We use the tight-binding Slater-Koster (SK) interpolation scheme for the self-consistent spin-polarized electronic band structure of the LMTO-ASA method. Electronic structure effects produced by the spin-orbit (SO) interaction are studied within the perturbation theory up to fourth-order terms. There is only one adjustable parameter which describes SO coupling. All other parameters in this paper are calculated from first principles. The discrepancy between calculated and experimental values of anisotropy constants is significantly reduced by taking into account the fourth-order corrections alone. The widely discussed numerical precision of the total energy calculations and the local density approximation of the density functional formalism seem to be important. However these are not the only possible deficiencies of the general theoretical framework which are essential for handling the problem of magnetocrystalline anisotropy in itinerant magnets. In this context the possibility of an hitherto unexploited approach to the calculation of the magnetocrystalline anisotropy is indicated.
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