Functionally graded plates whose material properties vary continuously through the thickness are modelled as exactly equivalent plates composed of up to four isotropic layers. Separate models are derived for analysis using classical plate theory, first-order and higher-order shear deformation theory. For cases where Poisson’s ratio varies through the thickness, the integrations required to obtain the membrane, coupling and out-of-plane stiffness matrices are performed accurately using a series solution. The model is verified by comparison with well converged solutions from approximate models in which the plate is divided into many isotropic layers. Critical buckling loads and undamped natural frequencies are found for a range of illustrative examples.