Actually the standard algorithm for powers (roots are fractional powers) usually is coded to be:
z = exp(y* ln(x)) where our original interest is z = x^y. where x > 0.
As was stated, there's many ways to approach this problem, but the one I mentioned is the standard way for computers, since it's very generic and faster compared to a lot of the other options. The only downside is the exp and ln opts take some CPU cycles beyond the normal ops. This is something like 21 cycles in the PC environment, which is still very fast compared to the other options, like Newton's approximation.
It depends, though, on the purpose. If y is always an integer or a known integer, it'd be very hard to argue this formula to be superior to a simple loop - if I had a sqr or cube function, I would tend to go for a z = x * x or x * x * x coding versus the formula above.
Anyway the formula above has served me quite well when a intrinsic power function wasn't available.