A multilayer inductor includes a bottom magnetic layer having an external conductive pattern formed on a bottom surface thereof for connection to a substrate such as a printed circuit board. The bottom external conductive pattern includes signal/power contacts and first and second inductor electrodes. A top magnetic layer includes a top external conductive pattern having signal/power contacts and inductor electrode contacts. An inductor conductive pattern formed on the top surfaces of intermediate magnetic layers disposed between the top and bottom magnetic layers are electrically coupled to each other by means of through holes to form a spiral inductor element.