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Yes, you get a big prize every time you finish a rank. Good magical weapons or armor as opposed to the crummy enchanted ammo or gems that you get for finishing a level. But bear in mind that you have to complete five levels to complete a rank, with 3 battles in the first level, 4 in the second, and so on up until 7 in the fifth. That's 3+4+5+6+7=25 battles per rank. The entire 10 ranks consist of 250 fights... it gets very tedious after the first two or three ranks, but some of the loot you get is very handy.
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