A bicycle ergometer includes an eddy current brake having a flywheel rotor assembly including an inner part of iron material having a carbon content of 0.12% or less and a silicon content of 0.35% or less, a stator provided inside the rotor assembly, a plurality of exciting coils provided on the stator, and a power source for energizing the exciting coils. The outer part of the flywheel rotor can be made of concrete. The ergometer includes an input panel for inputting physical attributes of the user, e.g., age and sex, a pulse sensor for measuring the heart rate of the user at rest and during exercise on the ergometer, an arithmetic control circuit for calculating a training program and heart rate range and for controlling the eddy current brake to present a load to the user which will maintain the user's heart rate in a predetermined range. The method of using the ergometer enables a user to select a physical strength program and a weight reduction program with the selected program reflecting the age, sex, and the present physical condition of the user.