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 as well as the magneto-optical coupling parameter 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.