Back in my Scouting days I tried the magnet/needle/compass thingy, never could get it to work. First they said that if you gently place the needle on the surface of the water it will float on its own. I guess I am not all that gentle, 'cuz mine always ended up on the bottom of the container. Then they said to put the needle on a leaf and float that. Didn't work for me, it just floated along, never turning to the north...
Using something to float it with works for me. I just now used 20 strokes of the needle, all with the same end of the magnet and all in the same direction, and a small piece of paper.
An alternative to the bowl of water is to suspend the needle from a thread. If you keep a sewing kit in a survival kit, there's not much reason not to magnetise the needles before you leave home; it doesn't make the needle heavier or anything.
I don't think it's very practical in the field, though, as any wind is liable to disturb the needle.