Exact natural frequencies of functionally graded beams are determined using plane elasticity theory. The analysis yields infinitely many frequencies. For verification purposes, a comparison with the existing beam theory results is performed and a close agreement is observed for slender members. The elasticity solutions are general in the sense that they are valid for slender members as well as short and thick structural elements. Both flexural and axial free vibration mode shapes are presented for top and bottom surfaces and the effect of the beam thickness is discussed. The exact results presented herein can be used as benchmarks for future research of free vibration behavior of short and thick functionally graded material beams.