A two-stage exoreversible semiconductor thermoelectric converter (TEC) with internal heat transfer is proposed in two different configurations, i.e., electrically series and electrically parallel. The TEC performance assuming Newton's heat transfer law is evaluated through a combination of finite-time thermodynamics (FTT) and nonequilibrium thermodynamics. A formulation based on the power output versus working electrical current and efficiency versus working electrical current is applied in this study. For fixed total number of thermoelectric elements, the current-voltage (I-V) characteristics of the series and parallel configurations have been obtained for different combinations of thermoelectric elements in the top and bottom stage. The number of thermoelectric elements in the top stage has been optimized to maximize the power output of the TEC in the electrically series and parallel modes. Thermodynamic models for a multistage TEC system considering internal irreversibilities have been developed in a matrix laboratory Simulink environment. The effect of load resistance on V (opt), I (opt), V (oc), and I (sc) for different combinations of thermoelectric elements in the top and bottom stage has been analyzed. The I-V characteristics obtained for the two-stage series and parallel TEC configurations suggest a range of load resistance values to be chosen, in turn indicating the suitability of the parallel rather than series configuration when designing real multistage TECs. This analysis will be helpful in designing actual multistage TECs.