The way I see it is that choosing modeling as a career is a bit of a gamble. It's possible to make it really big and earn millions, but not everyone makes it to the top and it's more common to not get paid those millions. A person makes their own choices on what they will take in gambling, so if you lose, it's not the fault of the person you made the bet with.
And a lot of people here are saying that prestige doesn't mean anything. Maybe not to most of us, but it probably means something to the models, since they were the ones who chose the high fashion route instead of the commercial route in the first place. HF doesn't pay as much as commercial, and models know that. They made that choice for themselves.
This is part of my point. The others here are talking about top top 10% models in the top top 10% editorials: Vogue, V, Numero etc. But the girls who are able to get into those magazines in the first place
are not the new unknown fashion girl who has to try to first get into the less prestigious magazines like Mirage, Surface etc who do not have the corporate means to pay or even offer a rate. Every model understands where she stands in the ladder. And she can communicate with her booker that she wants to make some money (easy money for high fashion girls is booking them for shooting Bergdorf's website, Saks, Neiman's, Lane Crawford, Bloomingdales, Henri Bendel etc--tons of B-list fashion girls do several thousand a day jobs doing these and it is very easy to book. But if a girl just has tests in her book and has only done no-name designer presentations in the past, she will most likely not be working with those clients).
It's funny because the other members here talking don't know the models and bookers personally whereas I talk about this type of stuff with my friends (who are all models) because it is a part of my life. A lot of this is speculation and a lot here don't have a good grasp (sure you may read as many blogs as you want and know a few here and there but you're not the ones who are truly involved in the lives). I can pull up excerpts of my charts for you as proof and if you want, call sheets and describe what my daily life is like for you to gain a better understanding.
I work regularly as in I get a handful of paying jobs a month(I've only had one Vogue edition tearsheet. One single page). And for me, all the jobs I get within a year are worth the 8 days a year I get to shoot an editorial and the 6 days my booker makes me test/practice in front of the camera.
When I first started with just tests in my shoot, I made the rounds in castings and couldn't get a good paying job to save my ***. It took my booker to push me for some small paying jobs to compensate for what I wasn't making. That's why we focused on getting even one editorial in my book (and my first was not with a big publication). The difference in getting jobs was light and day. So if you take that and project it on a more prestigious level--if a girl is shooting regularly for Vogue, that is not considered the "bulk" of her charts (but that is what her fans will see as her "work" and post all over the blogs etc but it's not considered a "job" for us) because she will definitely have priority over girls like me for good paying jobs. And I can assure you that my friends who have had multiple stories published in Numero/W etc can command much higher rates for runway (one of the 50+ catwalkers). So compared to how much I'm making, yes, it pays off and yes, there is a difference.
So that is why a lot of models consider shooting any editorial an investment in time--it's the minority of bookings that will happen 365 days a year (and many times, you will never get to see the results of our paying jobs unless you're a super model stalker! it's easier to see your favorite model doing her thing buying a magazine off a newstand and that's why the fans don't get it. they think it all she does but it's not)
It's just like the new girls who have their agency advance money for a strong test, that's an investment--it will help her at castings over the other new girls who are shooting free tests (shooting with a very very new photographer). If a girl can take those tests out of her book because she booked 1 editorial story, she will be in better standing to get multiple paying jobs within that year and even direct bookings for paying jobs (also if her booker still believes in her).