An improved type of scanning and analyzer rotating magneto-optic spectroscopy has been designed and constructed. By adding an achromatic quart-wavelength retarder to the system and using Fourier transformation, the complete magneto-optic parameters, both polar Kerr rotation angle θk and ellipticity εk, have been measured in the 1.5 - 5 eV photon energy range and at a near normal incident angle of less than 2 degrees. A fine step motor with 1000 steps per revolution and a hollow shaft, on which the analyzer is directly mounted, are used to control precisely the analyzer azimuthal angle. The magnetic field, spectral scanning, and retarder position, as well as data processing are totally controlled by a microcomputer. The magneto-optic spectral results of the system are illustrated for FeTeCo film samples.