A power module located on a substrate. In one embodiment, the power module includes power conversion circuitry with a magnetic device and at least one switch. The magnetic device includes a magnetic core with a shielding structure located about the magnetic core configured to create a chamber thereabout. The power module also includes an encapsulant about the power conversion circuitry. The shielding structure is configured to limit the encapsulant entering the chamber thereby allowing the encapsulant to surround a portion of the magnetic core within the chamber.