  We present a theoretical study of the the effects of off-resonant polarized
optical fields on a ferromagnetic model system. We determine the light-induced
dynamics of itinerant carriers in a system that includes magnetism at the
mean-field level and spin-orbit coupling. We investigate an all-optical
switching process for ferromagnets, which is close to the one proposed by
Qaiumzadeh et al. [Phys. Rev. B 88, 064416] for the inverse Faraday effect. By
computing the optically driven coherent dynamics together with incoherent
scattering mechanisms we go beyond a perturbation expansion in powers of the
optical field. We find an important contribution of a dynamic Stark effect
coupling of the Raman type between the magnetic bands, which leads to a
polarization-dependent effect on the magnetization that may support or oppose
switching, but also contributes to demagnetization via an increase in
electronic energy.
