We present a setup for temperature-dependent spectral generalized magneto-optical ellipsometry (SGME). This technique gives access to the electronic as well as the magnetic properties of ferromagnetic materials within one single magneto-optical measurement. It also allows the determination of the orientation of the magnetization. We show spectra of the real and the imaginary part of the refractive index N as well as the magneto-optical coupling parameter Q of permalloy and iron films for in-plane magnetization. Our findings demonstrate the relevance of SGME for the understanding of the interplay between electronic and magnetic properties of ferromagnetics.