An out-of-plane tunneling magnetoresistive (TMR) magnetic field sensor includes a sense element that defines a sense plane and a flux guide configured to direct a magnetic field perpendicular to the sense plane into the sense plane. The magnetic field sensor further includes a first coil arranged in a first plane, a second coil electrically insulated from the first coil and arranged in a spaced-apart second plane, and drive circuitry operatively connected to the first coil and the second coil. The drive circuitry in a first mode energizes the first and second coils to generate respective first and second fields that combine to set a magnetization of the flux guide. The drive circuitry in a second mode energizes only the first coil to generate the first field so as to set a magnetization of the sense element without changing the magnetization of the flux guide.