1. An improved Hall effect device comprising: a conductive film layer having a top surface and capable of carrying an electrical current; a ferromagnetic multilayer having a configurable magnetization orientation, and covering a first portion of the top surface, and not a second portion, such that a fringe magnetic field substantially normal to such surface can be generated by an edge portion of the ferromagnetic layer; wherein an electrical signal can be generated in response to the fringe magnetic field acting on the electrical current in the conductive film layer; and wherein the ferromagnetic multilayer comprises at least a first magnetic layer and a second magnetic layer.