Faraday rotation has been used to investigate a series of polymer films doped with magnetic iron oxide nanoparticles. The films have been prepared by spin-coating and melt-processing. In each case, upon varying the angle of optical incidence on the films, an in-plane magnetic anisotropy is observed. The effect of such an anisotropy on the Faraday rotation as a function of the angle of optical incidence is verified by comparison with magnetically poled films. These results demonstrate that care should be taken upon analyzing the magnetic behavior of such films on account of the sample preparation techniques themselves being able to affect the magnetization.