This paper examines the trends in the earnings advantage that highly educated immigrants hold over less educated immigrants, focusing on the differences between the short-run (i.e., shortly after entry) as well as longer-run relative outcomes. Most research and evaluation studies have focused on short-run outcomes (i.e., shortly after entry). Using data from the Longitudinal Administrative Databank covering the period from the 1980s to the early 2000s, this study finds that the relative earnings advantage that higher education provides to new immigrants shortly after arrival has decreased over the last 30 years. However, university-educated immigrants had a much steeper earnings trajectory than immigrants with trades or a high school education. The earnings advantage among more highly educated immigrants increases significantly with time spent in Canada. This pattern is observed for virtually all immigrant classes and arrival cohorts. The results suggest that short-run economic outcomes of immigrants are not good predictors of longer-run results, at least by educational attainment.