Rashid holds a M.A. in Political Economy from New York University, and a B.A. in Political Science from the University of Puerto Rico, Ro Piedras (UPR) campus. He also studied Applied Econometrics while at NYU, and Economics, French, and Music at UPR. During his years at UPR he also participated as one of the leaders of the Student Council and the Academic Senate and collaborated with the Foundation for Puerto Rico in its program on urbanism.
His research interests include income inequality, economic development, institutional reforms, the political economy of Latin America, colonialism and electoral behavior in Puerto Rico, varieties of capitalism, and public policy analysis.