In this study, surface error calculations and stability conditions are presented for milling operations in case of slender parts. The dynamic behavior of the flexible beam-type workpiece is modeled by means of finite element method (FEM), while the varying dynamical properties related to the feed motion as well as the material removal process are incorporated in the model. The FEM-generated direct frequency response function is verified through a closed-form solution based on the distributed transfer function method. Relative errors and convergence of the FEM are investigated based on the analytical solutions of the continuum model, from which appropriate element size and mode number can be selected for modal coordinate transformations. The pattern in the variation of the natural frequencies is explored using the analytical model in case of high radial depth of cut relative to the original cross section of the beam-like workpiece. Both the stability conditions and the resulted surface errors are predicted as a function of the tool position. The presented approach and the results are validated by laboratory tests.