Magnetoacoustic tomography with magnetic induction (MAT-MI) is a recently proposed imaging modality to image the electrical impedance of biological tissue. It combines the good contrast of electrical impedance tomography with the high spatial resolution of sonography. In this paper, a three-dimensional MAT-MI forward problem was investigated using the finite element method (FEM). The corresponding FEM formulae describing the forward problem are introduced. In the finite element analysis, magnetic induction in an object with conductivity values close to biological tissues was first carried out. The stimulating magnetic field was simulated as that generated from a three-dimensional coil. The corresponding acoustic source and field were then simulated. Computer simulation studies were conducted using both concentric and eccentric spherical conductivity models with different geometric specifications. In addition, the grid size for finite element analysis was evaluated for the model calibration and evaluation of the corresponding acoustic field.