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Understanding Journal Publication Fees: A Compact Guide

Table of contents, introduction to journal publishing, traditional publishing model, open access publishing model, impact on journal publication fees, peer review and editorial services, system management and digital hosting, maintaining quality and integrity, detailed breakdown of typical journal publishing fees, why some publishers charge high journal publication fees to publish, understanding open access journal publication fees, the pros and cons of open access fees, tips for authors to afford publication costs, balance between journal publication fees and prestige, call-to-action.

As someone who works on academic publishing, I often get a popular question, especially from young and aspiring researchers:

How much do I pay for the journal publication fees to publish my paper in your journal?

The article discusses the cost of publishing in an academic journal, delving into journal publishing models, revenue generation methods of publishers, and why some publishers charge high journal publication fees that deter authors from submitting.

Academic journal publishing is an essential part of the scholarly communication process. Its primary purpose is disseminating research findings, ideas, and theories to the global community of scholars, researchers, and practitioners.

By publishing their work in academic journals, authors contribute to the existing body of knowledge in their respective fields, stimulate further research, and advance human understanding.

But this important endeavor comes with a cost.

A publisher running a scholarly journal needs to cover operation costs. These costs cover system maintenance (manuscript management system), archiving host, editorial services, editorial remuneration, salary, bills, etc. Institutional academic publishers may get (some) funding, whereas commercial publishers need to fork money to cover the overhead.

The total cost can vary significantly between journals and depending on the chosen publishing model. Where the journal publishing fees are concerned, this financial aspect of journal publishing can influence an author’s decision on where to submit their work.

When considering journal publication fees and cost, it’s crucial to understand its importance, purpose, and associated costs. These costs enable journals to maintain high editorial standards, manage the peer review process, and ensure the work’s accessibility to readers worldwide.

While these costs may sometimes seem high, they’re integral to ensuring the quality, integrity, and accessibility of published research. Therefore, it’s essential for authors to factor them into their publishing decisions.

Understanding Journal Publishing Models

Delving into the world of journal publishing, you’ll encounter two primary models: traditional and open access. Remember that we are probably talking about more than 30,000 academic journals worldwide.

Each journal model operates differently, and understanding these differences is key as they significantly impact the costs associated with publishing.

The traditional publishing model, which has existed for centuries, operates on a subscription-based system. In this setup, readers or their institutions pay a fee (subscription) to access the content of the journals. The subscription mechanism has been the primary publishing model, but the number continues declining as many have adopted the open access model.

The revenue from these subscriptions covers production costs, peer review management, and distribution. Authors may or may not be charged to publish in these types of journals, but even when they are, the fees are generally lower than those of open access journals.

On the other hand, the open access model is a more recent development in the realm of academic publishing. This model allows anyone to read and download the articles for free, promoting wider dissemination of research.

However, there is a catch.

The authors or their institutions typically bear the publishing costs under this model. These fees, known as Article Processing Charges (APCs), cover the same services as traditional publishing – editorial work, peer review management, and distribution. APCs can vary widely, with some journals charging hundreds of dollars while others may charge several thousand.

In between the traditional subscription and open access models, there is the hybrid model, in which a journal offers both options.

The choice between traditional and open access models fundamentally influences the cost of publishing. As mentioned earlier, traditional publishing often incurs fewer upfront costs for the authors as reader subscriptions primarily cover the expenses.

Open access, conversely, shifts the financial burden onto the authors, necessitating higher APCs. However, it’s important to note that the higher cost of open access publishing is offset by its benefit of wider accessibility and potential for greater citation rates.

Ultimately, the decision of where to publish—and thus how much to pay—lies in the hands of researchers and their institutions. It’s a balancing act between affordability, academic recognition, and the desire for research to reach as broad an audience as possible.

Who Do Publishers Incur Journal Publication Fees?

The cost of publishing a research paper often raises eyebrows, especially among first-time authors. You might ask, “Why do I have to pay to share my hard-earned knowledge with others?” The answer lies in the intricate process that your manuscript goes through before it gets published. This process involves several quality control steps, all meticulously managed by the journal.

The cornerstone of academic publishing is the peer review process. It ensures that the research being circulated is high quality, robust, and contributes to the existing body of knowledge. Organizing a thorough, unbiased peer review is no small task. Journals must engage experts in the relevant field, often multiple, and manage their feedback efficiently to maintain the integrity of the review process.

In addition to peer review, there are other editorial services like copy-editing, proofreading and typesetting. These processes help refine the language, correct errors, and format the manuscript as per the journal’s guidelines. The outcome is a polished, professional-looking article that reflects well on the author and the journal.

Beyond editorial work , journals also shoulder the responsibility of maintaining a stable digital platform for hosting published articles. This includes developing and updating the online submission system, managing the website, and ensuring 24/7 access to their digital archives. These technical aspects require significant ongoing investment.

Furthermore, journals must stay current with the latest advances in digital publishing. This means adopting new technologies, enhancing accessibility, and improving user experience, all involving additional costs.

All these processes collectively play a pivotal role in maintaining the quality and integrity of the published work. By paying the publishing fee, you’re essentially contributing to this meticulous system designed to uphold the highest standards of academic integrity. It’s an assurance that experts are scrutinizing your work, presented professionally, and hosted on a reliable platform.

While the cost may seem daunting initially, consider it an investment towards ensuring that your research reaches your community in the best possible manner. It’s about valuing the rigorous process that safeguards the reputation of scholarly research.

Decoding the Journal Publication Fee Structure

To understand why journal publication fees can be expensive, we need to break down the typical costs associated with it. It’s not just about printing on paper or hosting on a digital platform – several factors contribute to these fees.

Firstly, there is the cost of handling and processing the manuscript. This involves initial assessment, coordinating the peer review process, and editing the manuscript to meet the journal’s guidelines. These processes require skilled professionals who must be paid for their time and expertise.

A reputable journal also uses a reliable manuscript management system from a third party. This also incurs additional costs. When I was handling the journal department, maintaining the manuscript management system incurred one of the highest costs.

Secondly, there is the cost of production. After a manuscript is accepted for publication, it must be formatted, proofread, and typeset. Images and graphics might need to be enhanced, and sometimes videos or other multimedia elements must be incorporated into the digital version of the article. Again, this requires professional expertise.

Thirdly, there’s the cost of dissemination and archiving. The final article must be hosted on a website, distributed to various databases, and often printed and shipped to libraries or individual subscribers. Plus, the published article needs to be stored and made accessible indefinitely, which also incurs ongoing costs.

The fees charged by different journals can vary widely. Some journals charge high publishing fees because they offer more services or higher quality services. For example, they might employ more experienced editors, have more rigorous peer review processes, or provide more extensive marketing and distribution of published articles.

In addition, some journals specialize in fields where large grants typically fund research, and therefore authors can afford to pay higher publishing fees. Other journals target early-career researchers or researchers from low-income countries and try to keep fees as low as possible.

Furthermore, the prestige of a journal can also play a role in its pricing. Publishing in a highly respected journal can significantly increase a researcher’s reputation and career prospects so that these journals can afford higher fees.

It’s also worth noting that open access journals generally charge higher journal publishing fees than traditional subscription-based journals, as they don’t generate revenue from subscriptions or paywalls. We’ll explore this further in the next section.

Open Access Journal Fees

Transitioning from traditional publishing models, let’s delve into the realm of open access journals. These journals are freely accessible online to everyone without the need for subscription fees or paywalls. However, this doesn’t mean they’re free to publish – there are still costs associated with their operation.

The fees or the amount required to publish a paper in open access journals vary widely. Typically, these fees, known as Article Processing Charges (APCs), range from $100-$900 (lower tier), $1000-$5,000 (mid-tier) and over $6,000 (higher tier).

APCs cover the costs of peer review, editorial work, online hosting, and archiving. Additionally, some journals levy charges for supplementary materials, figures, or color pages. It’s important for authors to thoroughly investigate these charges before submitting them to an open access journal.

Despite the costs, there are certain advantages to publishing in open access journals. For one, your research becomes immediately available to readers worldwide, increasing its visibility and potential impact.

This can particularly appeal to researchers working on time-sensitive or highly relevant topics. Moreover, some studies have suggested that open access articles are more likely to be cited, which could boost your academic profile.

However, the high APCs can present a significant barrier to some researchers, particularly those without institutional support or access to funding. This raises concerns about the accessibility and equity of open access publishing.

Furthermore, there’s a risk of predatory journals exploiting the open access model, charging high fees without providing proper peer review or editorial services. In recent times, the rise of predatory journals has been unprecedented, causing worries.

Considering these benefits and drawbacks, the decision to publish in an open access journal ultimately depends on your circumstances and research goals. When making this choice, it’s crucial to consider the immediate financial cost and the potential long-term impacts on your research visibility and reputation.

Strategies to Manage Journal Publication Fees

As an academic researcher, you might be troubled by the steep costs of publishing your findings in scholarly journals. But don’t worry. There are several ways through which these costs can be managed effectively. This section will provide practical tips and advice to help you navigate the financial aspects of journal publishing.

One of the most common ways to manage journal publication fees is through grants. Several funding bodies, institutions, and even some governments offer grants specifically designed to cover the costs of research publication. It’s worth investing time to research these opportunities and apply for them.

Besides grants, many publishers offer waivers or discounts on journal publication fees. These waivers are typically need-based and may be offered to researchers from low-income countries or those experiencing financial hardship. It’s always a good idea to check the journal’s policy on fee waivers before submission.

Finally, while it might not sound like the most glamorous option, choosing lower-cost journals for publication is also a viable strategy. Many reputable publishers charge reasonable journal publication fees without compromising the quality of peer review or exposure.

While managing costs is crucial, it’s equally important not to let financial considerations entirely dictate your choice of publication venue.

Remember, the main goal of publishing research is to contribute to your field and boost your academic reputation. Hence, the prestige of the journal should also be taken into account.

Publishing in a prestigious journal ensures a wider audience for your work and adds weight to your academic portfolio. Therefore, it’s essential to strike a balance between cost and prestige. If a prestigious academic publisher charges higher journal publication fees, consider it an investment in your academic career and look for ways to secure funding or waivers.

In the end, remember that the best strategy is often balanced. Consider all factors—including cost, prestige, the journal’s audience, and its relevance to your work—when deciding where to publish your research.

Conclusion: Making Informed Decisions about Journal Publication Fees

As we reach the conclusion of this enlightening journey through the intricacies of journal publication fees, let’s recap the essential insights.

First, we delved into the world of journal publishing models, distinguishing between traditional and open access models, both of which impact the journal publication fees differently.

We also explored why paying for publishing in a journal is necessary, shedding light on various aspects managed by journals, such as peer review, editorial services, system management, and digital hosting.

These services play an instrumental role in maintaining the quality and integrity of published work, ensuring that the scientific community continues to operate on a foundation of rigorous, reliable research.

A comprehensive breakdown of typical journal publication fees was delivered, elucidating why some journals charge higher fees for their publishing services.

Open access journal fees and their unique benefits and drawbacks were also discussed, providing a more nuanced understanding of this publishing model’s financial implications.

Importantly, we also shared practical strategies to manage journal publication fees. Tips ranged from acquiring grants and waivers to selecting lower-cost journals without compromising the prestige associated with your chosen publication. Balancing these factors effectively can alleviate the financial burden while preserving your academic reputation.

We encourage you, as authors, to carefully weigh all these factors when deciding where to publish your research. Remember, knowledge is power. The more informed you are about the nuances of journal publishing, the better equipped you’ll be to make decisions that align with your financial capabilities and academic goals.

Whether you go down the traditional or open access route, aim to balance the cost and the journal’s prestige. And remember, many resources can help you manage these journal publication fees without sacrificing the quality and reach of your academic work. Your research deserves to be shared with the world, but it shouldn’t come at an unmanageable cost.

Keep exploring, keep questioning, and keep publishing. Your contribution to the world of knowledge is invaluable.

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What Is the Real Cost of Scientific Publishing?

After spending years researching, scientific researchers publish their findings to share them with the larger scientific community. It is standard procedure that peer-reviewed scientific journals charge a significant publication fee for publishing a paper , especially traditional print journals. The cost of publishing can be very high, depending on the journal selected. Recently, these publication fees have come into question, with the scientific community wondering what the real cost to publishers is.

What Costs are Involved in Publishing?

Scientific publishing costs vary from journal to journal. Most journals are unwilling to disclose their publishing costs, so estimations are typically done based upon general industry statistics and revenues. There are costs involved in publishing an article , including the staff, distribution costs, and printing fees. There is also a significant amount of work done behind the scenes that takes a paper from submission to publication. Publishers often have to edit, proofread , check for plagiarism, and send the papers for peer review , all which increase the cost of publishing.

How Much Does it Cost to Publish?

Publishing costs for journals can be high. According to one study that analyzed industry data from the consulting firm Outsell, the typical profit margins for the academic publishing industry are around 20 to 30 percent. Estimating the final cost of publication per paper based upon revenue generated and the total number of published articles, they estimate that the average cost to publish an article is around $3500 to $4000. This estimate is most likely very high, especially for open access journals that typically only publish digital copies. The cost per paper in these journals could be as low as a few hundred dollars per article.

Who Pays to Publish in Journals?

A large percentage of the cost of publishing a research paper falls upon the researchers. Most journals charge a significant fee to those submitting a paper, sometimes in the thousands of dollars. The paper’s author might have to pay these fees, although sometimes his or her university or institution has a subscription fee or otherwise covers the cost of publishing. Some journals are able to provide a much lower fee for publication because the government, a university, or a society subsidizes them.

Journals with a higher publication fee defend their costs by saying they put more effort into reviewing and editing each article, and are more selective about the articles published. Researchers continue to publish in these journals because they provide a greater prestige to the author due to their long-standing, esteemed reputation.

The Future of Journal Costs

Until there is more clarity on exactly how much each publishing house spends on publishing each article, the research community will never know what the real cost of publication is. There is pressure to lower the amount charged to authors to have an article published, and some journals are making it easier for researchers to publish their work . However, it will be years before the most well-respected and often most expensive journals begin to lower their fees, both for submitting and reading articles, making it easier for the scientific community to publish, read, and share information on the latest findings.

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Home → Get Published → How to Publish a Research Paper: A Step-by-Step Guide

How to Publish a Research Paper: A Step-by-Step Guide

Jordan Kruszynski

• January 4, 2024

You’re in academia.

You’re going steady.

Your research is going well and you begin to wonder: ‘ How exactly do I get a research paper published?’

If this is the question on your lips, then this step-by-step guide is the one for you. We’ll be walking you through the whole process of how to publish a research paper.

Publishing a research paper is a significant milestone for researchers and academics, as it allows you to share your findings, contribute to your field of study, and start to gain serious recognition within the wider academic community. So, want to know how to publish a research paper? By following our guide, you’ll get a firm grasp of the steps involved in this process, giving you the best chance of successfully navigating the publishing process and getting your work out there.

Understanding the Publishing Process

To begin, it’s crucial to understand that getting a research paper published is a multi-step process. From beginning to end, it could take as little as 2 months before you see your paper nestled in the pages of your chosen journal. On the other hand, it could take as long as a year .

Below, we set out the steps before going into more detail on each one. Getting a feel for these steps will help you to visualise what lies ahead, and prepare yourself for each of them in turn. It’s important to remember that you won’t actually have control over every step – in fact, some of them will be decided by people you’ll probably never meet. However, knowing which parts of the process are yours to decide will allow you to adjust your approach and attitude accordingly.

Each of the following stages will play a vital role in the eventual publication of your paper:

• Preparing Your Research Paper
• Finding the Right Journal
• Crafting a Strong Manuscript
• Navigating the Peer-Review Process
• Submitting Your Paper
• Dealing with Rejections and Revising Your Paper

Step 1: Preparing Your Research Paper

It all starts here. The quality and content of your research paper is of fundamental importance if you want to get it published. This step will be different for every researcher depending on the nature of your research, but if you haven’t yet settled on a topic, then consider the following advice:

• Choose an interesting and relevant topic that aligns with current trends in your field. If your research touches on the passions and concerns of your academic peers or wider society, it may be more likely to capture attention and get published successfully.
• Conduct a comprehensive literature review (link to lit. review article once it’s published) to identify the state of existing research and any knowledge gaps within it. Aiming to fill a clear gap in the knowledge of your field is a great way to increase the practicality of your research and improve its chances of getting published.
• Structure your paper in a clear and organised manner, including all the necessary sections such as title, abstract, introduction (link to the ‘how to write a research paper intro’ article once it’s published) , methodology, results, discussion, and conclusion.
• Adhere to the formatting guidelines provided by your target journal to ensure that your paper is accepted as viable for publishing. More on this in the next section…

Step 2: Finding the Right Journal

Understanding how to publish a research paper involves selecting the appropriate journal for your work. This step is critical for successful publication, and you should take several factors into account when deciding which journal to apply for:

• Conduct thorough research to identify journals that specialise in your field of study and have published similar research. Naturally, if you submit a piece of research in molecular genetics to a journal that specialises in geology, you won’t be likely to get very far.
• Consider factors such as the journal’s scope, impact factor, and target audience. Today there is a wide array of journals to choose from, including traditional and respected print journals, as well as numerous online, open-access endeavours. Some, like Nature , even straddle both worlds.
• Review the submission guidelines provided by the journal and ensure your paper meets all the formatting requirements and word limits. This step is key. Nature, for example, offers a highly informative series of pages that tells you everything you need to know in order to satisfy their formatting guidelines (plus more on the whole submission process).
• Note that these guidelines can differ dramatically from journal to journal, and details really do matter. You might submit an outstanding piece of research, but if it includes, for example, images in the wrong size or format, this could mean a lengthy delay to getting it published. If you get everything right first time, you’ll save yourself a lot of time and trouble, as well as strengthen your publishing chances in the first place.

Step 3: Crafting a Strong Manuscript

Crafting a strong manuscript is crucial to impress journal editors and reviewers. Look at your paper as a complete package, and ensure that all the sections tie together to deliver your findings with clarity and precision.

• Begin by creating a clear and concise title that accurately reflects the content of your paper.
• Compose an informative abstract that summarises the purpose, methodology, results, and significance of your study.
• Craft an engaging introduction (link to the research paper introduction article) that draws your reader in.
• Develop a well-structured methodology section, presenting your results effectively using tables and figures.
• Write a compelling discussion and conclusion that emphasise the significance of your findings.

Step 4: Navigating the Peer-Review Process

Once you submit your research paper to a journal, it undergoes a rigorous peer-review process to ensure its quality and validity. In peer-review, experts in your field assess your research and provide feedback and suggestions for improvement, ultimately determining whether your paper is eligible for publishing or not. You are likely to encounter several models of peer-review, based on which party – author, reviewer, or both – remains anonymous throughout the process.

When your paper undergoes the peer-review process, be prepared for constructive criticism and address the comments you receive from your reviewer thoughtfully, providing clear and concise responses to their concerns or suggestions. These could make all the difference when it comes to making your next submission.

The peer-review process can seem like a closed book at times. Check out our discussion of the issue with philosopher and academic Amna Whiston in The Research Beat podcast!

Step 5: Submitting Your Paper

As we’ve already pointed out, one of the key elements in how to publish a research paper is ensuring that you meticulously follow the journal’s submission guidelines. Strive to comply with all formatting requirements, including citation styles, font, margins, and reference structure.

Before the final submission, thoroughly proofread your paper for errors, including grammar, spelling, and any inconsistencies in your data or analysis. At this stage, consider seeking feedback from colleagues or mentors to further improve the quality of your paper.

Step 6: Dealing with Rejections and Revising Your Paper

Rejection is a common part of the publishing process, but it shouldn’t discourage you. Analyse reviewer comments objectively and focus on the constructive feedback provided. Make necessary revisions and improvements to your paper to address the concerns raised by reviewers. If needed, consider submitting your paper to a different journal that is a better fit for your research.

For more tips on how to publish your paper out there, check out this thread by Dr. Asad Naveed ( @dr_asadnaveed ) – and if you need a refresher on the basics of how to publish under the Open Access model, watch this 5-minute video from Audemic Academy !

Final Thoughts

Successfully understanding how to publish a research paper requires dedication, attention to detail, and a systematic approach. By following the advice in our guide, you can increase your chances of navigating the publishing process effectively and achieving your goal of publication.

Remember, the journey may involve revisions, peer feedback, and potential rejections, but each step is an opportunity for growth and improvement. Stay persistent, maintain a positive mindset, and continue to refine your research paper until it reaches the standards of your target journal. Your contribution to your wider discipline through published research will not only advance your career, but also add to the growing body of collective knowledge in your field. Embrace the challenges and rewards that come with the publication process, and may your research paper make a significant impact in your area of study!

Looking for inspiration for your next big paper? Head to Audemic , where you can organise and listen to all the best and latest research in your field!

Keep striving, researchers! ✨

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It's free to publish your article in a subscription journal, but there are fees for publishing open access articles. You'll need to check the open access fees for the journal you choose.

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Many organisations require you to publish your research open access. It's worth checking with your supervisor and colleagues to understand your organisation's approach.

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How to Write and Publish Your Research in a Journal

Last Updated: February 26, 2024 Fact Checked

Choosing a Journal

Writing the research paper, editing & revising your paper, submitting your paper, navigating the peer review process, research paper help.

This article was co-authored by Matthew Snipp, PhD and by wikiHow staff writer, Cheyenne Main . C. Matthew Snipp is the Burnet C. and Mildred Finley Wohlford Professor of Humanities and Sciences in the Department of Sociology at Stanford University. He is also the Director for the Institute for Research in the Social Science’s Secure Data Center. He has been a Research Fellow at the U.S. Bureau of the Census and a Fellow at the Center for Advanced Study in the Behavioral Sciences. He has published 3 books and over 70 articles and book chapters on demography, economic development, poverty and unemployment. He is also currently serving on the National Institute of Child Health and Development’s Population Science Subcommittee. He holds a Ph.D. in Sociology from the University of Wisconsin—Madison. There are 13 references cited in this article, which can be found at the bottom of the page. This article has been fact-checked, ensuring the accuracy of any cited facts and confirming the authority of its sources. This article has been viewed 699,832 times.

Publishing a research paper in a peer-reviewed journal allows you to network with other scholars, get your name and work into circulation, and further refine your ideas and research. Before submitting your paper, make sure it reflects all the work you’ve done and have several people read over it and make comments. Keep reading to learn how you can choose a journal, prepare your work for publication, submit it, and revise it after you get a response back.

Things You Should Know

• Create a list of journals you’d like to publish your work in and choose one that best aligns with your topic and your desired audience.
• Prepare your manuscript using the journal’s requirements and ask at least 2 professors or supervisors to review your paper.
• Write a cover letter that “sells” your manuscript, says how your research adds to your field and explains why you chose the specific journal you’re submitting to.

• Ask your professors or supervisors for well-respected journals that they’ve had good experiences publishing with and that they read regularly.
• Many journals also only accept specific formats, so by choosing a journal before you start, you can write your article to their specifications and increase your chances of being accepted.
• If you’ve already written a paper you’d like to publish, consider whether your research directly relates to a hot topic or area of research in the journals you’re looking into.

• Review the journal’s peer review policies and submission process to see if you’re comfortable creating or adjusting your work according to their standards.
• Open-access journals can increase your readership because anyone can access them.

• Scientific research papers: Instead of a “thesis,” you might write a “research objective” instead. This is where you state the purpose of your research.
• “This paper explores how George Washington’s experiences as a young officer may have shaped his views during difficult circumstances as a commanding officer.”
• “This paper contends that George Washington’s experiences as a young officer on the 1750s Pennsylvania frontier directly impacted his relationship with his Continental Army troops during the harsh winter at Valley Forge.”

• Scientific research papers: Include a “materials and methods” section with the step-by-step process you followed and the materials you used. [5] X Research source
• Read other research papers in your field to see how they’re written. Their format, writing style, subject matter, and vocabulary can help guide your own paper. [6] X Research source

• If you’re writing about George Washington’s experiences as a young officer, you might emphasize how this research changes our perspective of the first president of the U.S.
• Link this section to your thesis or research objective.
• If you’re writing a paper about ADHD, you might discuss other applications for your research.

• Scientific research papers: You might include your research and/or analytical methods, your main findings or results, and the significance or implications of your research.
• Try to get as many people as you can to read over your abstract and provide feedback before you submit your paper to a journal.

• They might also provide templates to help you structure your manuscript according to their specific guidelines. [11] X Research source

• Not all journal reviewers will be experts on your specific topic, so a non-expert “outsider’s perspective” can be valuable.

• If you have a paper on the purification of wastewater with fungi, you might use both the words “fungi” and “mushrooms.”
• Use software like iThenticate, Turnitin, or PlagScan to check for similarities between the submitted article and published material available online. [15] X Research source

• Header: Address the editor who will be reviewing your manuscript by their name, include the date of submission, and the journal you are submitting to.
• First paragraph: Include the title of your manuscript, the type of paper it is (like review, research, or case study), and the research question you wanted to answer and why.
• Second paragraph: Explain what was done in your research, your main findings, and why they are significant to your field.
• Third paragraph: Explain why the journal’s readers would be interested in your work and why your results are important to your field.
• Conclusion: State the author(s) and any journal requirements that your work complies with (like ethical standards”).
• “We confirm that this manuscript has not been published elsewhere and is not under consideration by another journal.”
• “All authors have approved the manuscript and agree with its submission to [insert the name of the target journal].”

• Submit your article to only one journal at a time.
• When submitting online, use your university email account. This connects you with a scholarly institution, which can add credibility to your work.

• Accept: Only minor adjustments are needed, based on the provided feedback by the reviewers. A first submission will rarely be accepted without any changes needed.
• Revise and Resubmit: Changes are needed before publication can be considered, but the journal is still very interested in your work.
• Reject and Resubmit: Extensive revisions are needed. Your work may not be acceptable for this journal, but they might also accept it if significant changes are made.
• Reject: The paper isn’t and won’t be suitable for this publication, but that doesn’t mean it might not work for another journal.

• Try organizing the reviewer comments by how easy it is to address them. That way, you can break your revisions down into more manageable parts.
• If you disagree with a comment made by a reviewer, try to provide an evidence-based explanation when you resubmit your paper.

• If you’re resubmitting your paper to the same journal, include a point-by-point response paper that talks about how you addressed all of the reviewers’ comments in your revision. [22] X Research source
• If you’re not sure which journal to submit to next, you might be able to ask the journal editor which publications they recommend.

Expert Q&A

You might also like.

• If reviewers suspect that your submitted manuscript plagiarizes another work, they may refer to a Committee on Publication Ethics (COPE) flowchart to see how to move forward. [23] X Research source Thanks Helpful 0 Not Helpful 0

• ↑ https://www.wiley.com/en-us/network/publishing/research-publishing/choosing-a-journal/6-steps-to-choosing-the-right-journal-for-your-research-infographic
• ↑ https://link.springer.com/article/10.1007/s13187-020-01751-z
• ↑ https://libguides.unomaha.edu/c.php?g=100510&p=651627
• ↑ http://www.canberra.edu.au/library/start-your-research/research_help/publishing-research
• ↑ https://writingcenter.fas.harvard.edu/conclusions
• ↑ https://writing.wisc.edu/handbook/assignments/writing-an-abstract-for-your-research-paper/
• ↑ https://www.springer.com/gp/authors-editors/book-authors-editors/your-publication-journey/manuscript-preparation
• ↑ https://apus.libanswers.com/writing/faq/2391
• ↑ https://academicguides.waldenu.edu/library/keyword/search-strategy
• ↑ https://ifis.libguides.com/journal-publishing-guide/submitting-your-paper
• ↑ https://www.springer.com/kr/authors-editors/authorandreviewertutorials/submitting-to-a-journal-and-peer-review/cover-letters/10285574
• ↑ http://www.apa.org/monitor/sep02/publish.aspx
• ↑ Matthew Snipp, PhD. Research Fellow, U.S. Bureau of the Census. Expert Interview. 26 March 2020.

About This Article

To publish a research paper, ask a colleague or professor to review your paper and give you feedback. Once you've revised your work, familiarize yourself with different academic journals so that you can choose the publication that best suits your paper. Make sure to look at the "Author's Guide" so you can format your paper according to the guidelines for that publication. Then, submit your paper and don't get discouraged if it is not accepted right away. You may need to revise your paper and try again. To learn about the different responses you might get from journals, see our reviewer's explanation below. Did this summary help you? Yes No

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Authors submitting primary research articles to Nature have the option of publishing their research using either:

1 – Traditional subscription publishing model  – an article is submitted and is assessed by our editors. If suitable it will be put through Peer Review, and if successful (subject to amendments), will be eligible for publication. Published articles are made available to institutions and individuals who subscribe to Nature or who pay to read specific articles.

2 – Gold Open Access  – same publishing process as above. The difference is that when an article is accepted for publication, the author/s or funder/s pay an Article Processing Charge (APC). The final version of the published article is then free to read for everyone. The   APC to publish Gold Open Access in Nature is £8890.00/$12290.00/€10290.00. 

Find out more about Open Access .

Articles that are published OA are freely available online, and are published under a  Creative Commons CC-BY license , which allows for reuse and sharing. The publishing costs are covered by the author’s institution or funding body paying an Article Processing Charge (APC).

OPEN ACCESS FUNDING

For information about research funders and institutions that provide funding for APCs, visit Springer Nature’s  open access funding & support services .

Springer Nature offers agreements that enable institutions to cover open access publishing costs. Learn more about our  open access agreements  to check your eligibility.

THE BENEFITS OF PUBLISHING OPEN ACCESS

• For authors  – their work is seen by more people. Open Access articles are viewed and cited more often than articles behind a paywall.
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• For funders  – the work they fund will reach a wider audience and will have a more immediate impact.

Find out more about the benefits of Open Access publishing .

If authors need to publish OA because they are mandated to by their institution or funder, they can choose this route. For those who do not have these restrictions, they can choose to publish either via the subscription route or OA. The corresponding author will need to select which publishing option they want after their research is accepted.

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WHAT IS AN ARTICLE PROCESSING CHARGE?

The Article Processing Charge (APC) is the amount authors are charged when their manuscript is accepted for publication. APCs cover the following:

• Editorial work:  assess and select the most important research to publish, partner with authors and reviewers to deliver significant improvements to manuscripts through our rigorous and intensive review process, manage peer review, bespoke correspondence with authors, administrative support and journal development.
• Technical infrastructure and innovation:  development, maintenance and operation of online journal systems and websites.
• Production of articles:  formatting, lay-out and mark-up of articles, copy editing and inclusion in indexing services.
• Promotion of journal and content:  making sure readers and authors know about the work published in the journal.
• Customer service:  responding to the needs of authors and readers.

Find out more about how we select, edit, publish, curate and promote scientific research.

Nature aims to provide the highest levels of author service, editorial rigour and consistency. Our in-house team of highly qualified, professional, independent editors:

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How Much Does It Cost to Publish a Research Paper?

• September 11, 2023

Are you worried about how much does it costs to publish a research paper? It is the most important factor to consider when looking for publication services. The significance of publishing research can’t be overstated. However, research publishing includes multiple factors essential for researchers to understand.

In this article, we will help you understand the expenses of research paper publication and the possibility of a paper being rejected after acceptance.

The cost of publishing a research paper can vary depending on multiple factors, including the journal chosen and any optional services selected.

Article Processing Charges (APCs)

Many journals demand that authors pay APCs to cover the research publication costs. These charges may range from a hundred to thousands of dollars per paper. The amount often depends on the journal’s reputation, impact factor, and the level of service provided.

Submission Fees

Some high-indexed journals also charge article submission fees from authors for manuscript review. These fees help cover the cost of the peer-review process. The submission fees generally range from a hundred dollars.

Page Charges

Besides APCs, some journals may require authors to pay page charges, particularly for printed paper copies. These charges vary based on the number of pages in the final publication.

Color and Supplementary Material Fees

You may incur additional charges if your paper includes color figures, tables, or supplementary materials. These fees can add up, so being aware of them is essential.

Optional Services

Suppose you are finding out how much it costs to publish a research paper. In that case, it is pertinent to mention that many publishers offer optional services such as expedited review, open access options, and professional editing services with additional costs.

Membership Fees

Membership cost also affects the overall charges of research publication. Because, in some cases, authors may need to become members of a professional organization or society to submit their work to specific journals or conferences. Membership fees can be annual or one-time payments.

Reprints and Offprints

Researchers often order reprints or offprints of their published papers for distribution. These costs can vary based on the number of copies required.

Is It Worth It to Pay for Paper Publication?

This is the primary concern of almost every researcher, “Is it worth it to pay for research paper publication?” Yes, if you want to pursue your career in academics. Here are a few aspects that must be considered while publishing research.

Also Read: How Much Does Dissertation Proofreading Cost?

Journal Reputation and Impact Factor

Journals with high-impact factors mostly charge higher APCs but offer increased visibility. If your research aims to reach a vast audience and gain recognition globally, paying a considerable amount to a reputable journal may be worthwhile.

Funding Availability

Some funding agencies and institutions provide grants or support for publication fees. In such cases, it makes sense to use these resources to publish in reputable journals.

Open Access vs. Subscription Journals

Open-access journals make research freely accessible to everyone but tend to have higher APCs. Subscription-based journals may have lower fees but restrict access to those without subscriptions. Consider the accessibility and reach of your research when choosing between these options.

Career Goals

Early-career researchers may benefit from publishing in well-established journals to build their reputation. As researchers progress in their careers, they may prioritize open-access journals to maximize the dissemination of their work.

Reviewer and Editorial Services

Some journals offer professional editing and reviewer services, which can improve your paper’s quality and chances of acceptance. These services may justify the higher research publication costs.

Can a Paper Be Rejected After Acceptance?

Surprisingly, yes, a paper can be rejected after acceptance, although it is relatively rare. Here are some scenarios in which this might occur.

Ethical Concerns

If ethical issues in the research come to light after acceptance, the paper may be rejected. The ethical concern includes plagiarism, data fabrication, and other unethical practices.

Quality Issues

Mostly, papers are accepted based on initial reviews, but further examination by the editorial team may reveal significant flaws that cannot be corrected. This is also the reason for research paper rejection after acceptance.

Overlapping Content

A journal may revoke acceptance of a paper if it is discovered to overlap with previously published work substantially.

Failure to Meet Requirements

Journals often have specific formatting requirements. If authors fail to meet these requirements in the final submission, it may result in paper rejection after acceptance.

Author Misconduct

Instances of author misconduct, such as inappropriate authorship attribution or undisclosed conflicts of interest, can lead to post-acceptance rejection.

The Bottom Line

Hopefully, you got the answer to your questions, “How much does it cost to publish a research paper ?” and Can a paper be rejected after acceptance?

It is pertinent to mention that research paper publishing includes various costs such as APCs, submission fees, and optional service charges. Whether it’s worth paying for publication depends on your research goals, available funding, and the journal’s reputation. While it is rare that papers can be rejected after acceptance, it is necessary for researchers to carefully consider the guidelines of the journal and other potential factors to avoid rejection.

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How Much Does It Cost to Publish a Research Paper?

W riting and having your research paper published is a major achievement in any field of study. It is the result of many long hours of labour, investigation, and analysis.

However, the expenses of publishing a research paper leave many academics scratching their heads. “How much does it cost to publish a research paper?”

This article seeks to help researchers understand the financial complexities of academic publishing by illuminating the elements that affect the price of publishing a research paper and providing advice on how to get the best deal.

So, if you are ready and want to get the practical answer, just follow us and read the article carefully.

Table of Contents

The essentials of research paper publication costs

The costs associated with publishing a research paper involve the financial obligations related to disseminating one’s research findings to the academic and scientific community.

The costs associated with publishing have changed over time, influenced by shifts in the publishing industry.

In this section, we will explore the fundamental aspects of the costs of publishing a research paper:

1.     Submission Fees

Some journals require authors to pay a fee when submitting a work for publication. In most cases, these payments are non-refundable but go toward covering the overhead of running the peer review process.

2.     Page rates

Especially for longer articles with colour figures, traditional subscription-based publications may compel authors to pay page rates. Journal page rates vary widely and may add up to a sizable sum.

3.     Article Processing Charges (APCs)

When a manuscript is accepted for publication in an open-access journal, the journal may levy a fee known as an “article processing charge” (APC) on the author. The fees are necessary to keep the articles available to the public without cost. In general, the higher the prestige and impact factor of the journal, the more the APC will be.

4.     Overage Charges

Some open-access publications include a surcharge for papers that go over their word or page count.

5.     Colour & Figure Charges

Journals, both subscription and open access, may charge you more to use colour figures or photographs in your work. If your work requires a lot of images, these costs might soon pile up.

6.     Membership Fees

Payment for Membership: Joining a professional organization may entitle you to lower publishing expenses or even free page rates, among other perks.

7.     copyright Fees

There may be additional costs associated with publishing in open-access journals if you want to maintain certain copyright licenses or permissions, such as a Creative Commons license.

8.     Language Editing

If English is not your native tongue, you may want to use a language editing service. There will be an added expense, but the quality of your paper will increase greatly if you get this done.

9.     Open Access Policies

Some organizations and funding agencies have open-access policies that mandate authors pay APCs to get their work published in open-access journals. These costs must be accounted for in any study or funding bids.

10. Hybrid Journals

Hybrid journals are publications that may be accessed either freely or with a paid subscription. Article Processing Charges (APCs) allow authors to make their work in a paid publication available to readers without having to pay for a subscription.

Understand research paper publishing expenses to unleash knowledge. With this knowledge, researchers can easily navigate the complex publication landscape and choose the best channels to display their important work.

Implement a strategic budgeting strategy and seek financing from prestigious universities or attractive grants to manage your research dissemination expenses.

You’ll easily handle the financial issues of broadening your studies. Researchers must examine the journal’s acclaimed reputation, its broad influence, and their discriminating target audience’s special demands when choosing a publishing venue.

Researchers can guarantee their work is recognized for intellectual brilliance by carefully assessing these criteria. Master the complexities of publication cost elements to succeed in academic publishing.

By deliberately addressing these elements, researchers can raise research paper publishing costs to new heights.

Read More: Sample review comments for the research paper

Finally, the total cost of publishing a research article might vary widely depending on a number of criteria, such as the chosen publication venue, the kind of journal (open access or subscription-based), and any supplementary services.

Authors should plan for these expenses and include them in their budgets. The expenses of publishing research need to be weighed against the advantages of making the results of that study available to a larger audience.

Researchers may publish in low-cost journals, professional organizations, or institutional collaborations.

Grant submissions should also include publication fees to ensure discoveries are disseminated.

Beyond cost, writers should consider the journal’s reputation, audience, and academic importance before publishing.

Finally, understanding research paper publication costs can help researchers navigate the complex publishing landscape and optimize their impact.

By properly judging and planning for publication expenditures, researchers may optimize their influence and promote knowledge and innovation in their fields.

Now it is your turn to tell us which one of the factors is critical for determining the cost to publish a research paper on your idea and also add extra tips if we did not mention in the “How much does it cost to publish a research paper?” article.

Hybrid journals are publications that offer a choice between free access and paid subscriptions. This flexibility can influence research paper costs by affecting whether authors need to pay Article Processing Charges (APCs) to make their work available without subscription fees.

The fundamental costs of publishing a research paper include submission fees, page rates, Article Processing Charges (APCs), and potential overage charges. These costs play a crucial role in disseminating research findings to the academic and scientific community.

Sample review comments for the research paper

What are the types of plagiarism in research methodology, related articles.

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What Is Affiliation in Research Paper?

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You believe your research will make a contribution to your field, and you’re ready to share it with your peers far and wide, but how do you go about getting it published, and what exactly does that involve?  

If this is you, this page is a great place to start. Here you’ll find guidance to taking those first steps towards publication with confidence. From what to consider when choosing a journal, to how to submit an article and what happens next. 

Getting started

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How to Get Your Journal Article Published guide

Our handy guide is a quick overview covering the publishing process from preparing your article and choosing a journal, to publication (5 minute read).

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Want something a bit more in-depth? Sage Campus courses are short and interactive (around 2 hours each) and cover a range of skills, including how to get published. Your library may already subscribe to the modules, or you may want to recommend that they do. Meanwhile, you can utilize the free modules.

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Each journal has its own Aims & Scope, so the acceptance of articles is not just about quality, but also about being a good fit. Does your work reflect the scope of the Journal? Is Open Access important to you, and does the Journal have an Open Access model available? What is the readership of the Journal, and is that readership the right audience for your work? Researching the best match for your manuscript will significantly improve your chances of being accepted.

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If you already know in which Sage journal you’d like to publish your work, search for it and check the manuscript submission guidelines to make sure it is a good match. Or use the Sage Journal Recommender to tell us your article title and subjects and see which journals are a potential home for your manuscript. Be prepared to adjust your manuscript to match the scope and style of the desired journal.

Find journals with the Sage Journal Recommender  or  browse all Sage journals

Professional presentation of your work includes a precise and clear writing style, avoiding accidental plagiarism, and formatting your article to meet the criteria of your chosen journal. All of these take time and may not be skills inherent to your field of research. Sage Author Services can help you to prepare your manuscript to comply with these and other related standards, which could significantly improve your chance of acceptance. 

Visit  Sage Author Services

Submitting your article to a Sage journal

You’ve identified the right journal; now you need to make sure your manuscript is the perfect fit. Following the author guidelines can be the difference between possible acceptance and rejection, so it’s definitely worth following the required guidelines. We’ve a selection of resources and guides to help:

Watch How to Get Published: Submitting Your Paper (2 minute video)

Read our Article Submission infographic , a quick reminder of essentials

Here you’ll find chapter and verse on all aspects of our Manuscript Submission Guidelines

Ready to submit? Our online Submission Checklist will help you do a final check before sending your article to us.

Each journal retains editorial independence, which means their Guidelines will vary, so do go to the home page of your chosen journal to check anything you should be aware of. You can submit your article there too.

The academic world is crowded, how can you make your article stand out? If you are active on social media platforms, telling your followers about your article is one of the simplest and most effective things you can do.

Between us, we can improve the chances of your article being found, read, downloaded and cited – of your article and you making an impact. Our tips and guidance will show you how to promote your article alongside building your academic profile.

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Article Processing Charges

Authors using government research funding or university consortium funding may be required to publish in OA journals. In addition, authors may choose to publish open access to gain the largest possible audience for their innovative practical, applied, and theoretical research.

Similar to most gold open access publications, IEEE open access articles are supported by article processing charges (APCs), rather than through subscriptions. APCs may be paid by the author, the author’s institution, or a funding agency.

APC pricing for the various open access options available from IEEE are listed below.

For details on APC pricing related to IEEE institutional open access agreements, please see your institution’s administrator.

IEEE Article Processing Charges

• For the majority of IEEE’s fully open access journals, the article processing fee will be $1,995 USD. Some exceptions apply for certain titles, see individual journal author instructions for specific details.
• For IEEE Access , the article processing charge is $1,995 USD.
• For hybrid journals, the article processing charge will be $2,495 USD. Please note that some journals charge additional fees (e.g. overlength and color page charges). See individual journal author instructions for specific details.
• For the majority of IEEE magazines offering open access, the article processing fee will be $2,995 USD. Some exceptions apply for certain titles, see individual magazine author instructions for specific details.
• For all other existing IEEE open access publications, please check the individual journal’s author instructions for specific details.
• APCs are based on the article submission date to the IEEE publication.
• Local taxes will also be added if applicable.

Member Discounts

• Members of IEEE societies or councils are eligible to receive a 20% discount on APCs.
• IEEE members who are not members of individual IEEE societies or councils are eligible to receive a 5% discount on APCs.

Discounts do not apply to undergraduate and graduate students. Discounts cannot be combined or applied to any other fees such as overlength or color page charges.

Making your Research easy

How much does it cost to publish a paper in a journal

Publication Plays an important role in every researcher’s carrier. if you are a Ph.D. student or doing your master’s or bachelor’s, then as per the University norms, you need to publish your research paper in a good journal. Here in this article, we are going to discuss How much does it cost to publish a paper in a journal .

How much does it cost to publish a paper in a journal?

Before proceeding let us discuss how the Journal operates and its finances. As we know that every organization and institution needs the funds to operate. The Journal publication organization has some costs to operate.

To operate the publication most journal publishers follows the two type of model of publication

1. Open access Method

2. Subscription-based method.

Publication model of Scholarly Journals

The subscription-based model is a very old model and many publishers adopted this for many years now. But the Open access model is new to the world and becoming popular very rapidly.

So, let us understand why is it getting popular so fast?

In the Subscription-based model if any reader wants to read the published article then he/she has to pay some charges to download the paper or to read the paper for future research.

But in case of open access , the readers can download, read and cite the paper completely free. So the readers and researchers prefer the articles which do not cost them. Due to this, the Open Access model is getting popular.

Now there are two types of models in which the journals that publish the paper from authors can have an income. 

As we discussed now The first model is known as the open-access model . In this model, the author of the paper has to pay the publication fees. But now some publishers do not use the Subscription-based model rather they call it Green Open access .

Let us understand what is Gold Open Access and Green Open Access Journals

Must read: How to publish a paper in International Journal

Gold open access

According to Elsevier in this model of publication, the journal article will be freely available for everyone after publication. The publishing costs are covered by the author or by their institution/funding body/society on their behalf, typically in the form of an Article Publishing Charge (APC) or other types of fees.

Elsevier’s APCs range between   $150 and c$6000 US Dollars excluding tax, depending on the journal, with prices clearly displayed on the Article Publishing Charge (APC) price list and on journal homepages. Other than these journals you can find journals that charge between 20 USD and to 200USD if it’s a Peer review journals.

Other Publishers like Springer nature, Willey, IEEE, and Hindawi also followed the same.

Must read: How to know if a journal is indexed

Green open access

In this model, the authors do not need to pay any additional charges for the publication. The publication costs are covered by subscriptions. The reader will pay when he/she wants to download the paper and read it.

Refer to Elsevier Open access policy here

Check here the Springer’s Open access policy here

IEEE Publication charges

Here is the tentative cost to publish a paper in a journal

SCI Indexed Journal: 500USd to 6000USD per article

Scopus Indexed Journal: 200USD to 1500USD per article

Web of Science Indexed Journal: 200USD to 1500USD per article

ABDC Indexed Journal: 200USD to 1000USD per article

Peer reviewed and Google Scholar Indexed Journals: 20 USD to 300USD per article

UGC Care(for India only-Group-1)listed Journal: 50USD to 300USD per article

Other reputed Indexing like Pubmed, IJIFACTOR, GARUDA, DOAJ, EI Compemdex, CNIK Indexed Journal: 100USD to 1000USD per article.

Why is open access so expensive?

Because of the Publication cost, Open access journals are expensive. But it’s now it is widely accepted that the Open access journal is the future of the publication . The researchers love to read the journal article available freely and cite them.

What is the problem with open access?

Generally, people consider the journals which charge APC from authors during publication are fake journals or predatory journals. But that is not true people should understand that the journals that are publishing their papers need some source of income to sustain the journal and to maintain the journal quality.

As here the author needs to pay before publication some people think it’s easy to pay and publish. But it’s not true.  There might be some predatory journals that take money to publish but most Journal publishers follow the Global standard of Journal publication. You need to find good journals to publish your research paper.

To know more about the publication fees of any organization and institution one should always visit the website of that organization.

Must read: How to search Scopus indexed journals

Is it good to publish in open-access journals?

Absolutely yes!! As we discussed earlier in this article the researchers love to read the articles which available freely. So, the chance of getting a higher impact on your paper after publication. Most reputed Journal publishers are now having Gold open-access Journal publications. This means they charge APC from the author to get the paper published.

Here is the list you can check

• Elsevier: https://www.elsevier.com/open-access/open-access-journals
• Springer Nature: https://www.springernature.com/gp/open-research/journals-books
• Willey:   https://authorservices.wiley.com/open-research/open-access/browse-journals.html
• Frontiersin : https://www.frontiersin.org/
• MDPI: https://www.mdpi.com/
• Cambridge: https://www.cambridge.org/core/what-we-publish/open-access
• Hindawi : https://www.hindawi.com/journals/
• IEEE: https://open.ieee.org

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McKinsey Global Private Markets Review 2024: Private markets in a slower era

At a glance, macroeconomic challenges continued.

McKinsey Global Private Markets Review 2024: Private markets: A slower era

If 2022 was a tale of two halves, with robust fundraising and deal activity in the first six months followed by a slowdown in the second half, then 2023 might be considered a tale of one whole. Macroeconomic headwinds persisted throughout the year, with rising financing costs, and an uncertain growth outlook taking a toll on private markets. Full-year fundraising continued to decline from 2021’s lofty peak, weighed down by the “denominator effect” that persisted in part due to a less active deal market. Managers largely held onto assets to avoid selling in a lower-multiple environment, fueling an activity-dampening cycle in which distribution-starved limited partners (LPs) reined in new commitments.

About the authors

This article is a summary of a larger report, available as a PDF, that is a collaborative effort by Fredrik Dahlqvist , Alastair Green , Paul Maia, Alexandra Nee , David Quigley , Aditya Sanghvi , Connor Mangan, John Spivey, Rahel Schneider, and Brian Vickery , representing views from McKinsey’s Private Equity & Principal Investors Practice.

Performance in most private asset classes remained below historical averages for a second consecutive year. Decade-long tailwinds from low and falling interest rates and consistently expanding multiples seem to be things of the past. As private market managers look to boost performance in this new era of investing, a deeper focus on revenue growth and margin expansion will be needed now more than ever.

Perspectives on a slower era in private markets

Global fundraising contracted.

Fundraising fell 22 percent across private market asset classes globally to just over $1 trillion, as of year-end reported data—the lowest total since 2017. Fundraising in North America, a rare bright spot in 2022, declined in line with global totals, while in Europe, fundraising proved most resilient, falling just 3 percent. In Asia, fundraising fell precipitously and now sits 72 percent below the region’s 2018 peak.

Despite difficult fundraising conditions, headwinds did not affect all strategies or managers equally. Private equity (PE) buyout strategies posted their best fundraising year ever, and larger managers and vehicles also fared well, continuing the prior year’s trend toward greater fundraising concentration.

The numerator effect persisted

Despite a marked recovery in the denominator—the 1,000 largest US retirement funds grew 7 percent in the year ending September 2023, after falling 14 percent the prior year, for example 1 “U.S. retirement plans recover half of 2022 losses amid no-show recession,” Pensions and Investments , February 12, 2024. —many LPs remain overexposed to private markets relative to their target allocations. LPs started 2023 overweight: according to analysis from CEM Benchmarking, average allocations across PE, infrastructure, and real estate were at or above target allocations as of the beginning of the year. And the numerator grew throughout the year, as a lack of exits and rebounding valuations drove net asset values (NAVs) higher. While not all LPs strictly follow asset allocation targets, our analysis in partnership with global private markets firm StepStone Group suggests that an overallocation of just one percentage point can reduce planned commitments by as much as 10 to 12 percent per year for five years or more.

Despite these headwinds, recent surveys indicate that LPs remain broadly committed to private markets. In fact, the majority plan to maintain or increase allocations over the medium to long term.

Investors fled to known names and larger funds

Fundraising concentration reached its highest level in over a decade, as investors continued to shift new commitments in favor of the largest fund managers. The 25 most successful fundraisers collected 41 percent of aggregate commitments to closed-end funds (with the top five managers accounting for nearly half that total). Closed-end fundraising totals may understate the extent of concentration in the industry overall, as the largest managers also tend to be more successful in raising non-institutional capital.

While the largest funds grew even larger—the largest vehicles on record were raised in buyout, real estate, infrastructure, and private debt in 2023—smaller and newer funds struggled. Fewer than 1,700 funds of less than $1 billion were closed during the year, half as many as closed in 2022 and the fewest of any year since 2012. New manager formation also fell to the lowest level since 2012, with just 651 new firms launched in 2023.

Whether recent fundraising concentration and a spate of M&A activity signals the beginning of oft-rumored consolidation in the private markets remains uncertain, as a similar pattern developed in each of the last two fundraising downturns before giving way to renewed entrepreneurialism among general partners (GPs) and commitment diversification among LPs. Compared with how things played out in the last two downturns, perhaps this movie really is different, or perhaps we’re watching a trilogy reusing a familiar plotline.

Dry powder inventory spiked (again)

Private markets assets under management totaled $13.1 trillion as of June 30, 2023, and have grown nearly 20 percent per annum since 2018. Dry powder reserves—the amount of capital committed but not yet deployed—increased to $3.7 trillion, marking the ninth consecutive year of growth. Dry powder inventory—the amount of capital available to GPs expressed as a multiple of annual deployment—increased for the second consecutive year in PE, as new commitments continued to outpace deal activity. Inventory sat at 1.6 years in 2023, up markedly from the 0.9 years recorded at the end of 2021 but still within the historical range. NAV grew as well, largely driven by the reluctance of managers to exit positions and crystallize returns in a depressed multiple environment.

Private equity strategies diverged

Buyout and venture capital, the two largest PE sub-asset classes, charted wildly different courses over the past 18 months. Buyout notched its highest fundraising year ever in 2023, and its performance improved, with funds posting a (still paltry) 5 percent net internal rate of return through September 30. And although buyout deal volumes declined by 19 percent, 2023 was still the third-most-active year on record. In contrast, venture capital (VC) fundraising declined by nearly 60 percent, equaling its lowest total since 2015, and deal volume fell by 36 percent to the lowest level since 2019. VC funds returned –3 percent through September, posting negative returns for seven consecutive quarters. VC was the fastest-growing—as well as the highest-performing—PE strategy by a significant margin from 2010 to 2022, but investors appear to be reevaluating their approach in the current environment.

Private equity entry multiples contracted

PE buyout entry multiples declined by roughly one turn from 11.9 to 11.0 times EBITDA, slightly outpacing the decline in public market multiples (down from 12.1 to 11.3 times EBITDA), through the first nine months of 2023. For nearly a decade leading up to 2022, managers consistently sold assets into a higher-multiple environment than that in which they had bought those assets, providing a substantial performance tailwind for the industry. Nowhere has this been truer than in technology. After experiencing more than eight turns of multiple expansion from 2009 to 2021 (the most of any sector), technology multiples have declined by nearly three turns in the past two years, 50 percent more than in any other sector. Overall, roughly two-thirds of the total return for buyout deals that were entered in 2010 or later and exited in 2021 or before can be attributed to market multiple expansion and leverage. Now, with falling multiples and higher financing costs, revenue growth and margin expansion are taking center stage for GPs.

Real estate receded

Demand uncertainty, slowing rent growth, and elevated financing costs drove cap rates higher and made price discovery challenging, all of which weighed on deal volume, fundraising, and investment performance. Global closed-end fundraising declined 34 percent year over year, and funds returned −4 percent in the first nine months of the year, losing money for the first time since the 2007–08 global financial crisis. Capital shifted away from core and core-plus strategies as investors sought liquidity via redemptions in open-end vehicles, from which net outflows reached their highest level in at least two decades. Opportunistic strategies benefited from this shift, with investors focusing on capital appreciation over income generation in a market where alternative sources of yield have grown more attractive. Rising interest rates widened bid–ask spreads and impaired deal volume across food groups, including in what were formerly hot sectors: multifamily and industrial.

Private debt pays dividends

Debt again proved to be the most resilient private asset class against a turbulent market backdrop. Fundraising declined just 13 percent, largely driven by lower commitments to direct lending strategies, for which a slower PE deal environment has made capital deployment challenging. The asset class also posted the highest returns among all private asset classes through September 30. Many private debt securities are tied to floating rates, which enhance returns in a rising-rate environment. Thus far, managers appear to have successfully navigated the rising incidence of default and distress exhibited across the broader leveraged-lending market. Although direct lending deal volume declined from 2022, private lenders financed an all-time high 59 percent of leveraged buyout transactions last year and are now expanding into additional strategies to drive the next era of growth.

Infrastructure took a detour

After several years of robust growth and strong performance, infrastructure and natural resources fundraising declined by 53 percent to the lowest total since 2013. Supply-side timing is partially to blame: five of the seven largest infrastructure managers closed a flagship vehicle in 2021 or 2022, and none of those five held a final close last year. As in real estate, investors shied away from core and core-plus investments in a higher-yield environment. Yet there are reasons to believe infrastructure’s growth will bounce back. Limited partners (LPs) surveyed by McKinsey remain bullish on their deployment to the asset class, and at least a dozen vehicles targeting more than $10 billion were actively fundraising as of the end of 2023. Multiple recent acquisitions of large infrastructure GPs by global multi-asset-class managers also indicate marketwide conviction in the asset class’s potential.

Private markets still have work to do on diversity

Private markets firms are slowly improving their representation of females (up two percentage points over the prior year) and ethnic and racial minorities (up one percentage point). On some diversity metrics, including entry-level representation of women, private markets now compare favorably with corporate America. Yet broad-based parity remains elusive and too slow in the making. Ethnic, racial, and gender imbalances are particularly stark across more influential investing roles and senior positions. In fact, McKinsey’s research  reveals that at the current pace, it would take several decades for private markets firms to reach gender parity at senior levels. Increasing representation across all levels will require managers to take fresh approaches to hiring, retention, and promotion.

Artificial intelligence generating excitement

The transformative potential of generative AI was perhaps 2023’s hottest topic (beyond Taylor Swift). Private markets players are excited about the potential for the technology to optimize their approach to thesis generation, deal sourcing, investment due diligence, and portfolio performance, among other areas. While the technology is still nascent and few GPs can boast scaled implementations, pilot programs are already in flight across the industry, particularly within portfolio companies. Adoption seems nearly certain to accelerate throughout 2024.

Private markets in a slower era

If private markets investors entered 2023 hoping for a return to the heady days of 2021, they likely left the year disappointed. Many of the headwinds that emerged in the latter half of 2022 persisted throughout the year, pressuring fundraising, dealmaking, and performance. Inflation moderated somewhat over the course of the year but remained stubbornly elevated by recent historical standards. Interest rates started high and rose higher, increasing the cost of financing. A reinvigorated public equity market recovered most of 2022’s losses but did little to resolve the valuation uncertainty private market investors have faced for the past 18 months.

Within private markets, the denominator effect remained in play, despite the public market recovery, as the numerator continued to expand. An activity-dampening cycle emerged: higher cost of capital and lower multiples limited the ability or willingness of general partners (GPs) to exit positions; fewer exits, coupled with continuing capital calls, pushed LP allocations higher, thereby limiting their ability or willingness to make new commitments. These conditions weighed on managers’ ability to fundraise. Based on data reported as of year-end 2023, private markets fundraising fell 22 percent from the prior year to just over $1 trillion, the largest such drop since 2009 (Exhibit 1).

The impact of the fundraising environment was not felt equally among GPs. Continuing a trend that emerged in 2022, and consistent with prior downturns in fundraising, LPs favored larger vehicles and the scaled GPs that typically manage them. Smaller and newer managers struggled, and the number of sub–$1 billion vehicles and new firm launches each declined to its lowest level in more than a decade.

Despite the decline in fundraising, private markets assets under management (AUM) continued to grow, increasing 12 percent to $13.1 trillion as of June 30, 2023. 2023 fundraising was still the sixth-highest annual haul on record, pushing dry powder higher, while the slowdown in deal making limited distributions.

Investment performance across private market asset classes fell short of historical averages. Private equity (PE) got back in the black but generated the lowest annual performance in the past 15 years, excluding 2022. Closed-end real estate produced negative returns for the first time since 2009, as capitalization (cap) rates expanded across sectors and rent growth dissipated in formerly hot sectors, including multifamily and industrial. The performance of infrastructure funds was less than half of its long-term average and even further below the double-digit returns generated in 2021 and 2022. Private debt was the standout performer (if there was one), outperforming all other private asset classes and illustrating the asset class’s countercyclical appeal.

Private equity down but not out

Higher financing costs, lower multiples, and an uncertain macroeconomic environment created a challenging backdrop for private equity managers in 2023. Fundraising declined for the second year in a row, falling 15 percent to $649 billion, as LPs grappled with the denominator effect and a slowdown in distributions. Managers were on the fundraising trail longer to raise this capital: funds that closed in 2023 were open for a record-high average of 20.1 months, notably longer than 18.7 months in 2022 and 14.1 months in 2018. VC and growth equity strategies led the decline, dropping to their lowest level of cumulative capital raised since 2015. Fundraising in Asia fell for the fourth year of the last five, with the greatest decline in China.

Despite the difficult fundraising context, a subset of strategies and managers prevailed. Buyout managers collectively had their best fundraising year on record, raising more than $400 billion. Fundraising in Europe surged by more than 50 percent, resulting in the region’s biggest haul ever. The largest managers raised an outsized share of the total for a second consecutive year, making 2023 the most concentrated fundraising year of the last decade (Exhibit 2).

Despite the drop in aggregate fundraising, PE assets under management increased 8 percent to $8.2 trillion. Only a small part of this growth was performance driven: PE funds produced a net IRR of just 2.5 percent through September 30, 2023. Buyouts and growth equity generated positive returns, while VC lost money. PE performance, dating back to the beginning of 2022, remains negative, highlighting the difficulty of generating attractive investment returns in a higher interest rate and lower multiple environment. As PE managers devise value creation strategies to improve performance, their focus includes ensuring operating efficiency and profitability of their portfolio companies.

Deal activity volume and count fell sharply, by 21 percent and 24 percent, respectively, which continued the slower pace set in the second half of 2022. Sponsors largely opted to hold assets longer rather than lock in underwhelming returns. While higher financing costs and valuation mismatches weighed on overall deal activity, certain types of M&A gained share. Add-on deals, for example, accounted for a record 46 percent of total buyout deal volume last year.

Real estate recedes

For real estate, 2023 was a year of transition, characterized by a litany of new and familiar challenges. Pandemic-driven demand issues continued, while elevated financing costs, expanding cap rates, and valuation uncertainty weighed on commercial real estate deal volumes, fundraising, and investment performance.

Managers faced one of the toughest fundraising environments in many years. Global closed-end fundraising declined 34 percent to $125 billion. While fundraising challenges were widespread, they were not ubiquitous across strategies. Dollars continued to shift to large, multi-asset class platforms, with the top five managers accounting for 37 percent of aggregate closed-end real estate fundraising. In April, the largest real estate fund ever raised closed on a record $30 billion.

Capital shifted away from core and core-plus strategies as investors sought liquidity through redemptions in open-end vehicles and reduced gross contributions to the lowest level since 2009. Opportunistic strategies benefited from this shift, as investors turned their attention toward capital appreciation over income generation in a market where alternative sources of yield have grown more attractive.

In the United States, for instance, open-end funds, as represented by the National Council of Real Estate Investment Fiduciaries Fund Index—Open-End Equity (NFI-OE), recorded $13 billion in net outflows in 2023, reversing the trend of positive net inflows throughout the 2010s. The negative flows mainly reflected $9 billion in core outflows, with core-plus funds accounting for the remaining outflows, which reversed a 20-year run of net inflows.

As a result, the NAV in US open-end funds fell roughly 16 percent year over year. Meanwhile, global assets under management in closed-end funds reached a new peak of $1.7 trillion as of June 2023, growing 14 percent between June 2022 and June 2023.

Real estate underperformed historical averages in 2023, as previously high-performing multifamily and industrial sectors joined office in producing negative returns caused by slowing demand growth and cap rate expansion. Closed-end funds generated a pooled net IRR of −3.5 percent in the first nine months of 2023, losing money for the first time since the global financial crisis. The lone bright spot among major sectors was hospitality, which—thanks to a rush of postpandemic travel—returned 10.3 percent in 2023. 2 Based on NCREIFs NPI index. Hotels represent 1 percent of total properties in the index. As a whole, the average pooled lifetime net IRRs for closed-end real estate funds from 2011–20 vintages remained around historical levels (9.8 percent).

Global deal volume declined 47 percent in 2023 to reach a ten-year low of $650 billion, driven by widening bid–ask spreads amid valuation uncertainty and higher costs of financing (Exhibit 3). 3 CBRE, Real Capital Analytics Deal flow in the office sector remained depressed, partly as a result of continued uncertainty in the demand for space in a hybrid working world.

During a turbulent year for private markets, private debt was a relative bright spot, topping private markets asset classes in terms of fundraising growth, AUM growth, and performance.

Fundraising for private debt declined just 13 percent year over year, nearly ten percentage points less than the private markets overall. Despite the decline in fundraising, AUM surged 27 percent to $1.7 trillion. And private debt posted the highest investment returns of any private asset class through the first three quarters of 2023.

Private debt’s risk/return characteristics are well suited to the current environment. With interest rates at their highest in more than a decade, current yields in the asset class have grown more attractive on both an absolute and relative basis, particularly if higher rates sustain and put downward pressure on equity returns (Exhibit 4). The built-in security derived from debt’s privileged position in the capital structure, moreover, appeals to investors that are wary of market volatility and valuation uncertainty.

Direct lending continued to be the largest strategy in 2023, with fundraising for the mostly-senior-debt strategy accounting for almost half of the asset class’s total haul (despite declining from the previous year). Separately, mezzanine debt fundraising hit a new high, thanks to the closings of three of the largest funds ever raised in the strategy.

Over the longer term, growth in private debt has largely been driven by institutional investors rotating out of traditional fixed income in favor of private alternatives. Despite this growth in commitments, LPs remain underweight in this asset class relative to their targets. In fact, the allocation gap has only grown wider in recent years, a sharp contrast to other private asset classes, for which LPs’ current allocations exceed their targets on average. According to data from CEM Benchmarking, the private debt allocation gap now stands at 1.4 percent, which means that, in aggregate, investors must commit hundreds of billions in net new capital to the asset class just to reach current targets.

Private debt was not completely immune to the macroeconomic conditions last year, however. Fundraising declined for the second consecutive year and now sits 23 percent below 2021’s peak. Furthermore, though private lenders took share in 2023 from other capital sources, overall deal volumes also declined for the second year in a row. The drop was largely driven by a less active PE deal environment: private debt is predominantly used to finance PE-backed companies, though managers are increasingly diversifying their origination capabilities to include a broad new range of companies and asset types.

Infrastructure and natural resources take a detour

For infrastructure and natural resources fundraising, 2023 was an exceptionally challenging year. Aggregate capital raised declined 53 percent year over year to $82 billion, the lowest annual total since 2013. The size of the drop is particularly surprising in light of infrastructure’s recent momentum. The asset class had set fundraising records in four of the previous five years, and infrastructure is often considered an attractive investment in uncertain markets.

While there is little doubt that the broader fundraising headwinds discussed elsewhere in this report affected infrastructure and natural resources fundraising last year, dynamics specific to the asset class were at play as well. One issue was supply-side timing: nine of the ten largest infrastructure GPs did not close a flagship fund in 2023. Second was the migration of investor dollars away from core and core-plus investments, which have historically accounted for the bulk of infrastructure fundraising, in a higher rate environment.

The asset class had some notable bright spots last year. Fundraising for higher-returning opportunistic strategies more than doubled the prior year’s total (Exhibit 5). AUM grew 18 percent, reaching a new high of $1.5 trillion. Infrastructure funds returned a net IRR of 3.4 percent in 2023; this was below historical averages but still the second-best return among private asset classes. And as was the case in other asset classes, investors concentrated commitments in larger funds and managers in 2023, including in the largest infrastructure fund ever raised.

The outlook for the asset class, moreover, remains positive. Funds targeting a record amount of capital were in the market at year-end, providing a robust foundation for fundraising in 2024 and 2025. A recent spate of infrastructure GP acquisitions signal multi-asset managers’ long-term conviction in the asset class, despite short-term headwinds. Global megatrends like decarbonization and digitization, as well as revolutions in energy and mobility, have spurred new infrastructure investment opportunities around the world, particularly for value-oriented investors that are willing to take on more risk.

Private markets make measured progress in DEI

Diversity, equity, and inclusion (DEI) has become an important part of the fundraising, talent, and investing landscape for private market participants. Encouragingly, incremental progress has been made in recent years, including more diverse talent being brought to entry-level positions, investing roles, and investment committees. The scope of DEI metrics provided to institutional investors during fundraising has also increased in recent years: more than half of PE firms now provide data across investing teams, portfolio company boards, and portfolio company management (versus investment team data only). 4 “ The state of diversity in global private markets: 2023 ,” McKinsey, August 22, 2023.

In 2023, McKinsey surveyed 66 global private markets firms that collectively employ more than 60,000 people for the second annual State of diversity in global private markets report. 5 “ The state of diversity in global private markets: 2023 ,” McKinsey, August 22, 2023. The research offers insight into the representation of women and ethnic and racial minorities in private investing as of year-end 2022. In this chapter, we discuss where the numbers stand and how firms can bring a more diverse set of perspectives to the table.

The statistics indicate signs of modest advancement. Overall representation of women in private markets increased two percentage points to 35 percent, and ethnic and racial minorities increased one percentage point to 30 percent (Exhibit 6). Entry-level positions have nearly reached gender parity, with female representation at 48 percent. The share of women holding C-suite roles globally increased 3 percentage points, while the share of people from ethnic and racial minorities in investment committees increased 9 percentage points. There is growing evidence that external hiring is gradually helping close the diversity gap, especially at senior levels. For example, 33 percent of external hires at the managing director level were ethnic or racial minorities, higher than their existing representation level (19 percent).

Yet, the scope of the challenge remains substantial. Women and minorities continue to be underrepresented in senior positions and investing roles. They also experience uneven rates of progress due to lower promotion and higher attrition rates, particularly at smaller firms. Firms are also navigating an increasingly polarized workplace today, with additional scrutiny and a growing number of lawsuits against corporate diversity and inclusion programs, particularly in the US, which threatens to impact the industry’s pace of progress.

Fredrik Dahlqvist is a senior partner in McKinsey’s Stockholm office; Alastair Green  is a senior partner in the Washington, DC, office, where Paul Maia and Alexandra Nee  are partners; David Quigley  is a senior partner in the New York office, where Connor Mangan is an associate partner and Aditya Sanghvi  is a senior partner; Rahel Schneider is an associate partner in the Bay Area office; John Spivey is a partner in the Charlotte office; and Brian Vickery  is a partner in the Boston office.

The authors wish to thank Jonathan Christy, Louis Dufau, Vaibhav Gujral, Graham Healy-Day, Laura Johnson, Ryan Luby, Tripp Norton, Alastair Rami, Henri Torbey, and Alex Wolkomir for their contributions

The authors would also like to thank CEM Benchmarking and the StepStone Group for their partnership in this year's report.

This article was edited by Arshiya Khullar, an editor in the Gurugram office.

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