The paper proposes an efficient phenomenological inversion method to determine the depth profile of a surface-breaking crack in a metal from the output signal of an alternating current field measurement (ACFM) probe. The proposed method utilizes a conjugate gradient algorithm to minimize an objective function, representing the difference between probe predicted and actual signals in an iterative manner. The objective function is derived explicitly in terms of crack depth variables by considering a polynomial function for the field distribution in the depth direction and applying appropriate Greens functions. This approach enhances the accuracy and computational efficiency of the inversion process, regardless of the choice of initial crack depth profile or presence of noise in the measurement system. The validity and efficiency of the proposed method are demonstrated by comparing the reconstructed depth profiles of several simulated and machine-made cracks with their actual data, and those obtained using the conventional phenomenological approach based on an efficient stochastic optimization scheme along with a fast pseudoanalytic ACFM probe output simulator.