We have measured the magnetic excitation spectrum of ErCo2 at 4.2 K using neutron inelastic scattering and compared the results to a Green's function RPA theory of magnetic excitations in a ferrimagnet with crystalline electric fields; based on dynamic structure factor considerations we conclude that each of the observed scattering peaks consists of two nearly degenerate excitations, one of which corresponds to out-of-phase precession of the two rare earths in the primitive cell, while the other corresponds to in-phase precession. By comparing these results with a Green's function RPA theory we are able to determine the Er3+ crystal field parameters as well as the Er-Co mean exchange field. (AIP). © 1979, American Institute of Physics. All rights reserved.