Using an equation of motion (EOM) approach, we calculate excitonic properties of monolayer transition metal dichalcogenides perturbed by an external magnetic field. We compare our findings to the widely used Wannier model for excitons in two-dimensional materials and to recent experimental results. We find good agreement between the calculated excitonic transition energies and the experimental results. In addition, we find that the exciton energies calculated using the EOM approach are slightly lower than the ones calculated using the Wannier model. Finally, we also show that the effect of the dielectric environment on the magnetoexciton transition energy is minimal due to counteracting changes in the exciton energy and the exchange self-energy correction.