A magnetic flow meter for measuring flow of a process fluid in a pipe, the flow meter includes a magnetic coil disposed adjacent to the pipe configured to apply a magnetic field to the process fluid. First and second electrodes disposed within the pipe which are electrically coupled to the process fluid and configured to sense an electromotive force (EMF) induced in the process fluid due to the applied magnetic field and flow of the process fluid and responsively provide respective first and second electrode signals. Output circuitry coupled to the first and second electrodes provides an output related to the sensed EMF. Diagnostic circuitry provides an electrode referenced diagnostic signal. A method is also provided.