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In this paper, a semi‐analytical finite element formulation is presented to study the magnetoelectric (ME) effect for a multilayered and multiphase magneto‐electro‐elastic (MEE) cylinder under various boundary conditions. Numerical studies are done to evaluate the ME coefficient for different thickness ratio of piezoelectric phase in the multilayered composite. Studies are also done for the evaluation of ME coefficient for different volume fractions of piezoelectric phase in the multiphase composite. Ansys 8.1 is used to validate the present formulation using thermal analogy concept.