The combination of multiaxis and multiparameter microelectromechanical systems (MEMS) in the same technology would result in very cheap and smart inertial measurement units (IMUs). In this paper, a Z -axis Lorentz-force-based magnetometer whose design and optimization are reviewed taking into account the constraints of an industrial MEMS technology (process and packaging) already used for accelerometers and gyroscopes is presented. How this impacts the design guidelines is shown; in particular, a very compact device that can fit in the same package of the gyroscope to realize an all-MEMS seven-degree-of-freedom IMU is proposed and experimentally tested. The device shows a mechanical sensitivity of around 0.8 aF/(μT ·mA) with a resolution of 520 (nT ·mA)/√{Hz} over a signal bandwidth of 50 Hz at room temperature. Coupled to a transimpedance amplifier, the system shows an overall sensitivity of 150 μV/μT at 250 μA of peak driving current.