This paper deals with the modeling of the magnetoelectric effect in composite materials. This work focuses on the modeling of a magnetoelectric multilayer using a full 2D finite element model. It is shown that the magnetic induction in the direction normal to the plane can be neglected in 2D formulations under low frequency. An application is made on a bilayer and on an asymmetric multilayer magnetic sensor based on extrinsic magnetoelectric effect. Both structures give approximately the same first resonance frequency but a higher electric voltage is obtained in the asymmetric multilayer.