A high gain acoustic transducer (200) is formed of a voice coil (218) and a magnetic material (238) housed within a transducer housing (202). The transducer housing (202) includes flexible, symmetrical dome halves (204, 206). Vibrations of the magnetic material (238) of the transducer (200) induce a current in the voice coil (218). Alternatively, electrical signals applied to the voice coil (218) induce vibrations in the transducer (200). The voice coil (218) is supported by a first (204) of the two dome halves by way of a first support assembly (214), and the magnetic material (238) is supported by a second (206) of the two dome halves by way of a second support assembly (232). The housing (202) forms a watertight enclosure, and the transducer (200) may be utilized in underwater applications.