We show how to compute the optical functions (the complex magneto‐susceptibility, dielectric function, magneto‐reflection spectra) for semiconductor quantum disks exposed to a uniform magnetic field in the growth direction, including the excitonic effects. The optical response is calculated for an electromagnetic wave propagating in the growth direction, i.e. the wavevector is parallel to the static magnetic field, which corresponds to the so‐called Faraday configuration. The method uses the microscopic calculation of nanostructure excitonic wave functions and energy levels, and the macroscopic real density matrix approach to compute the electromagnetic fields and susceptibilities.The electron‐hole screened Coulomb potential is adapted. The novelty of our approach is that the solution is obtained in terms of known one‐particle electron and hole eigenfunctions, since, in the considered nanostructure due to confinement effects accompanied by the e‐h Coulomb interaction, the separation of the relativeand center‐of‐mass motion is not possible. We obtain both the eigenvalues and the eigenfunctions. The convergence of the proposed method is examined. Numerical calculations have been performed for In0.55Al0.45As (disk)/ Al0.35Ga0.65As (barrier) disks. Good agreement with experiments has been obtained. (© 2009 WILEY‐VCH Verlag GmbH & Co. KGaA, Weinheim)