From Scholar to Future Leader: Our First Bulgarian Futures Scholar Graduates CEU and Steps Into What’s Next

In 2024, our very first Bulgarian Futures Scholar - Stefan Karaleev - set off for Vienna to study at Central European University, pursuing an LL.M. in Global Business Law and Regulation. Just one year later, he has already finished his programme and is moving on to his next big chapter. Read more about what he learned, what shaped him most, and where he’s headed next.

Academic Excellence at Central European University

"It would not be an overstatement to say that CEU helped me rediscover my passion for academic learning. The university created an intellectually stimulating environment, where students discussed and learned from one another, and the professors guided us throughout the year.

My program, Global Business Law and Regulation LL.M, has a unique structure, as it examines the legal aspects of international business from the regulatory perspective of the United States, the European Union and other jurisdictions. Its comparative nature helped me gain a broader understanding of the business structures and transactions that drive the global economy.

I was especially impressed by the attention that the faculty gave us. From day one, each professor knew us by our names and countries. By the end of the first month, they already knew our backgrounds and expertise, and worked with us to build on and improve our skills as lawyers. One professor even greeted each of us in our native languages at the beginning of class, which made us feel truly special.

My personal academic highlight was the series of courses taught by my thesis supervisor, Professor Tibor Tajti. His classes focused on the comparative aspects of the ‘business lifecycle’, from the startup and SME phase to corporate governance, bankruptcy and restructuring. His classes later inspired me in choosing my thesis topic and applying for the traineeship in the Single Resolution Board.

Stefan's Master's Thesis Focus

My master’s thesis was inspired by the secured transactions course, where we covered different types of lending secured by collateral. One of the classes was devoted to the financing of large infrastructure projects, also known as project finance. This sparked my interest, and I decided to further explore the subject. I focused my thesis on the sources of debt financing for large projects, as each project (be it a power plant, highway, mining operation, etc.) require a substantial amount of funding before it starts generating profits.

My thesis compared bank loans to bonds issued on the capital markets as well as their underlying regulation in the EU and the United States. My main finding was that the specialized corporate bonds (project bonds) have become a viable alternative for investors in project finance to bank loans, especially in the era of stricter banking regulations.

I found this topic fascinating because it links together legal and financial questions, and also due to its practical significance. It explores how infrastructure projects in the fields of energy, transport and defence, especially in Europe, can be financed.

Cultural Immersion at Central European University

The cultural and social life in CEU is something I wish everyone could experience. From tennis, climbing and language courses, to parties and cultural festivals, CEU offers plenty of opportunities to get immersed into the university’s social life. The fact that CEU is also located in Vienna is an additional advantage, because of the cultural and historical significance of the city.

Plans for the Future

While I was doing my master’s, I applied for the Bluebook Traineeship at the European Commission and in October 2025 I will be starting in the Single Resolution Board. This is an EU authority whose goal is to monitor and prevent bank failures, safeguarding financial stability and protecting the taxpayers’ money from government bailouts.

To help me further my knowledge of EU banking and financial law, I also took part in a summer course on EU Financial Integration, organised by the University of Salzburg. The speakers included experts from academia, the financial industry and regulators, as well as representatives from the European institutions. Their sessions provided valuable insight and prepared me well for my upcoming traineeship.

Currently, I am also working on two European Citizens’ Panels organised by the European Commission. At these panels, more than 150 citizens from across the EU will come together to discuss and draft proposals for EU policies on topics such as pollinator decline and intergenerational fairness.

Overall, this past year has been transformative for me, both academically and personally. All of this would not be possible without the support of the Aleksander Foundation team, to whom I want to express my sincere gratitude."