  The new challenges posed by the need of finding strong rare-earth free
magnets demand methods that can predict magnetization and magnetocrystalline
anisotropy energy (MAE). We argue that correlated electron effects, which are
normally underestimated in band structure calculations, play a crucial role in
the development of the orbital component of the magnetic moments. Because
magnetic anisotropy arises from this orbital component, the ability to include
correlation effects has profound consequences on our predictive power of the
MAE of strong magnets. Here we show that incorporating the local effects of
electronic correlations with dynamical mean-field theory provides reliable
estimates of the orbital moment, the mass enhancement and the MAE of YCo5.
