This paper deals with the theoretical investigation of the effect of a magnetic field, rotation and magnetization on a ferromagnetic fluid under varying gravity field. To find the exact solution for a ferromagnetic fluid layer contained between two free boundaries, we have used a linear stability analysis and normal mode analysis method. For the case of stationary convection, a stable solute gradient has a stabilizing effect, while rotation has a stabilizing effect if λ>0 and destabilizing effect if λ<0. Further, the magnetic field is discovered to have both a stabilizing and destabilizing effect for both λ>0 and λ<0. It is likewise discovered that magnetization has a stabilizing effect for both λ>0 and λ<0 in the absence of the stable solute gradient. Graphs have been plotted by giving numerical values of various parameters. In the absence of rotation, magnetic field and stable solute gradient, the principle of exchange of stabilities is found to hold true for certain conditions.