Recently we have developed a general method of analyzing magnetic circular dichroism (MCD) spectra and magnetization curves of high-spin metal ions for spin-allowed transitions [Oganesyan , J. Chem. Phys. 110, 762 (1999)]. In the present article this approach is extended to cover the cases of spin-and symmetry-forbidden transitions. At high ligand fields many low-energy ligand field transitions become spin-forbidden. Extraction of information content about the electronic structure of the ground state can be obtained through the analysis and correlation of the positions, signs, and intensities of the MCD bands and magnetization curves of these transitions. The casting of the theory in terms of the irreducible tensor method allows full advantage to be taken of any symmetry elements and simplifies multielectron calculations. The theory is valid over the entire range of magnetic field strength and, therefore, allows the information content of spectra over the full field and temperature range to be exploited. The method is applied to the analysis of the recorded MCD spectra and magnetization curves of the lowest energy spin-forbidden ligand field transitions of pseudo-tetrahedral high-spin Fe(III), S=5/2, in the protein rubredoxin from Methanobacterium thermoautotrophicum (strain Marburg). The predicted signs, intensities, and magnetization curves for these transitions are in excellent agreement with experimental data. We also show that when the anisotropy of the ground state is larger than the Zeeman splitting the MCD of both spin-forbidden and allowed transitions can become comparable in magnitude. Hence caution is needed in order to avoid the misinterpretation of experimental results.