 Raschid attended Bishop's College and St. Bridget's Convent in Sri Lanka, and won first place among all Sri Lankans in the 1973 General Certificate of Education, before moving to India for her university education.She earned a bachelor's degree in 1980 from the Indian Institute of Technology Madras, and completed her Ph.D. in electrical engineering in 1987 at the University of Florida.She joined the Robert H. Smith School of Business as an assistant professor in 1987, and was promoted to full professor there in 2002.