In 1964 he graduated with a specialization of engineer-economist from Azerbaijan Oil and Chemistry Institute (Azerbaijan State Oil and Industry University).  In 1970 Vahid Akhundov defended his dissertation for a candidate of economic sciences, which was followed by the defence of his doctorate dissertation in 1980 which led to a scientific tile of a professor in 1987.  In between 1959 and 1960 he worked as a fitter at Baku Leather Small Ware Factory, in 1964 he served as an accountant in Automobile Spare Parts factory, from 1965 to 1966 he served as an economist at Azerbaijan SSR State Planning Committee, from 1966 to 1970 he was an engineer-economist at the Institute of Economics of Azerbaijan SSR Academy of Sciences, from 1970 to 1987 he worked as a head of “Inter-sectoral Balances” department and from 1976 to 1981 he served as a deputy director on scientific works at  the Scientific Research Economic Institute (current ESRI) under the Azerbaijan SSR State Planning Committee and was promoted to the position of a director of the institute in 1981 and continued his tenure until 1987. From 1987 to 1991, he served as a Vice-Provost for Scientific Works at the Institute for the Management of National Economy under the Council of of Ministers of Azerbaijan SSR, since 1991 he worked as s State Adviser on Economic Policy of the Republic of Azerbaijan,  in 1993 he served as a Director of the Centre for Economic Policy and International Cooperation of the Cabinet of Ministers of the Republic of Azerbaijan - Senior Economic Advisor to the prime-minister, from 1993 to 2005, he served as a state adviser on economic policy of the Republic of Azerbaijan. He was appointed as a State Adviser on economic issues of the Republic of Azerbaijan with the executive order the President of the Republic of Azerbaijan dated 19th of July, 2005. 

He is the author of 150 scientific publications.