High flux density, such as rare earth material having inherent

Isotropic magnetic alloy powder having an intrinsic magnetic induction of at least two third of its magnetic remanence and method for making same are provided. The powder is made from an alloy having a composition comprising, by weight percentage, approximately 15 to 35 percent of one or more rare earth metals, approximately 0.5 to 4.5 percent of boron, and approximately 0 to 20 percent of cobalt, balanced with iron. The alloy powder is made by a process wherein an amount of the alloy is melt and spun in an inert environment, preferably at a distance between an orifice and a wheel being less than one and one half inches, into ribbons, followed by crushing the ribbons into powder and annealing the powder.