Abstract Objective Multi-modal cognitive training improves cognition among those at risk for dementia. Although the mechanism is likely via improved cognitive flexibility, conceptually central cognitive reserve, it remains unclear whether cognitive reserve moderates cognitive training effects. The objective of this study was to determine whether baseline cognitive reserve moderates cognitive improvement following cognitive training. Methods Forty-one older adults (M = 72.7+/−4.9 years, 65.1% female, 17% non-white) with self-reported memory loss and baseline TICS score of 24–37 participated in a 6-month cognitive training intervention consisting of weekly computer-administered piano lesson and 30 minutes of daily homework. Cognition was assessed pre and post-intervention using CNS-Vital Signs. Specific domains tested were cognitive flexibility, psychomotor speed, and executive functioning. Cognitive reserve was operationalized as years of education. Results Significant post-training improvements occurred in all three cognitive domains (cognitive flexibility t = −6.34, p < 0.001; psychomotor speed t = −2.62, p = 0.01; executive functioning t = −6.49, p < 0.001). Years of education significantly moderated improvements in executive functioning (b = −0.06, SE(b) = 0.03, t(37) = −2.07, p = 0.045), but neither cognitive flexibility nor psychomotor speed. Specifically, participants with lower education improved most in executive functioning (b = 1.60, t = 2.78, p = 0.008). Conclusions Findings suggest that participants with lower cognitive reserve may benefit more from far-transfer effects of cognitive training on executive functioning. This was not observed in domains closely related (cognitive flexibility) and relatively unrelated (psychomotor speed) to cognitive reserve.