In the framework of continuum theory, the Freedericksz transition in ferronematic, i.e., suspension of monodomain magnetic particles in nematic liquid crystal, is studied. In the absence of a magnetic field, the suspension is supposed to be compensated, i.e., it contains equal numbers of magnetic particles with magnetic moments oriented in parallel and antiparallel to local director. Spatial distortions of director and concentrational redistribution of magnetic admixture in ferronematic layer under the influence of a magnetic field are studied. Threshold character of magnetic field induced Freedericksz transition from homogeneous to inhomogeneous state is shown. Transition field as a function of ferronematic material parameters is analytically found. Magnetization of ferronematic is studied.