The theoretical behavior of both the photomagnetoelectric (PME) effect short‐circuit currentIPMEand the photoconductance &Dgr;Gis studied as a function of the light intensity, for any injection level. This is carried out by assuming that in a semiconductor band gap, there are two energy levels which control the recombination kinetics. Also, the dependence of bothIPMEand &Dgr;Gon the light intensity is studied as a function of the illuminated surface recombination velocity.