A magnetic compass has been devised which is of the type having a pivot point displaced above the plane of the permanent magnets so that the distance of displacement of the pivot point with respect to the center of force will reduce the tilt angle or tipping otherwise caused by changes in latitude when the compass is to be operated in different parts of the world and a spherical needle bearing can be employed at the pivot point as a result of the increased pendular effect achieved by displacing the pivot point above the magnets. The need for a lift assembly to cushion the pivot point is eliminated while providing for an extremely rugged and versatile magnetic compass which will serve as a light, portable pocket transit capable of measuring horizontal and vertical angles as well as being used as a prismatic compass, level, clinometer, plumb or alidade.