We present the first materials specific ab initio theory of the magnetization induced by circularly polarized laser light in metals. Our calculations are based on non-linear density matrix theory and include the effect of absorption. We show that the induced magnetization, commonly referred to as inverse Faraday effect, is strongly materials and frequency dependent, and demonstrate the existence of both spin and orbital induced magnetizations which exhibit a surprisingly different behavior. We show that for nonmagnetic metals (as Cu, Au, Pd, Pt) and antiferromagnetic metals the induced magnetization is antisymmetric in the light's helicity, whereas for ferromagnetic metals (Fe, Co, Ni, FePt) the imparted magnetization is only asymmetric in the helicity. We compute effective optomagnetic fields that correspond to the induced magnetizations and provide guidelines for achieving all-optical helicity-dependent switching.PACS numbers: 78.20. Ls, 75.70.Tj, 75.60.Jk All-optical helicity-dependent magnetization switching has recently emerged as a promising way to manipulate and ultimately control the magnetization in a magnetic material using ultrashort optical laser pulses [1][2][3][4][5][6][7]. As femtosecond optical laser pulses are the shortest stimuli known to mankind, all-optical helicity-dependent switching offers novel options to achieve magnetization reversal at a hitherto unprecedented speed. The action of a circularly polarized laser pulse on the magnetization of a material was at first observed for an antiferromagnetic 3d-metal oxide [1] and later magnetization reversal was demonstrated in a ferrimagnetic rare-earth transitionmetal alloy [2,8]. Importantly, recent work demonstrated that all-optical helicity-dependent switching is not limited to a special class of materials, but can be achieved in a broader variety of material classes, including metallic multilayers, synthetic ferrimagnets [6], and even ferromagnets such as FePt [7], which is the prime candidate material for future ultradense magnetic recording [9].While these discoveries exemplify that ultrafast magnetization reversal driven by circularly polarized laser pulses could soon revolutionize magnetic recording its underlying physical mechanism is poorly understood. The influence of the circularly polarized laser pulse has been attributed to the inverse Faraday effect (IFE) [1][2][3]7], which was discovered fifty years ago [10]. The IFE is an optomagnetic counterpart of the magneto-optical Faraday effect, that is, the circularly polarized laser light imparts a magnetization in the material which exerts a torque on the pre-existing magnetization and assists the magnetization switching. However, although various models for the IFE have been proposed [11][12][13][14][15][16][17] there does as yet not exist any knowledge as to how the induced magnetization, or optomagnetic field arises, and even less is known about the materials dependence of the IFE. As materials specific theory is lacking it is neither known for which materials large effects are pr...