A semiconductor power module includes a filter element made of a magnetic material that can be exchanged as required, while providing a package having a compact size. The power module can be used for a power conversion device for providing power conversion of DC power or AC power by switching a power semiconductor element, such as an IGBT. The filter element can be an annular magnetic member that rests around one or more terminals connected to the power semiconductor element. Noise current flowing through the terminals, when the power semiconductor element is switched, can be suppressed effectively with the annular magnetic member.