Learning and performing music draw on a host of cognitive abilities, and previous research postulates that musicians might have advantages in related cognitive processes. One such aspect of cognition that may be related to musical training is executive functions (EFs), a set of top-down processes that regulate behavior and cognition according to task demands. Previous studies investigating the link between musical training and EFs have yielded mixed results and are difficult to compare. In part, this is because most studies look at only one specific cognitive process, and even studies looking at the same process use different experimental tasks. Furthermore, most correlational studies use different categorizations of “musician” and “non-musician” for comparisons, so generalizing findings is difficult. The current study provides a more comprehensive assessment of how individual differences in musical training relate to latent measures of three separable aspects of EFs. We administered a well-validated EF battery containing multiple tasks tapping EF components of inhibition, shifting, and working memory updating (Friedman et al., 2008) and a comprehensive, continuous measure of musical training and sophistication (Müllensiefen et al., 2014). Musical training correlated with some individual EF tasks involving inhibition and working memory updating, but not individual tasks involving shifting. However, musical training only predicted the latent variable of working memory updating, but not latent variables of inhibition or shifting after controlling for IQ, socioeconomic status, and handedness. Although these data are correlational, they nonetheless suggest that musical experience places particularly strong demands specifically on working memory updating processes.